Adams Natural Resources Fund Inc. Reduces Stock Position in Targa Resources Corp. (NYSE:TRGP)

Adams Natural Resources Fund Inc. lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 1.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 58,900 shares of the pipeline company’s stock after selling 700 shares during the quarter. Targa Resources accounts for about 1.3% of Adams Natural Resources Fund Inc.’s holdings, making the stock its 19th biggest holding. Adams Natural Resources Fund Inc.’s holdings in Targa Resources were worth $8,718,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources in the 2nd quarter worth $29,000. DT Investment Partners LLC bought a new position in Targa Resources in the 3rd quarter worth $29,000. UMB Bank n.a. raised its holdings in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Whittier Trust Co. bought a new position in Targa Resources in the 2nd quarter worth $44,000. Finally, Rogco LP bought a new position in Targa Resources in the 1st quarter worth $56,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2 %

NYSE:TRGP opened at $164.41 on Wednesday. The firm has a 50-day simple moving average of $153.83 and a two-hundred day simple moving average of $134.87. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The firm has a market cap of $36.02 billion, a P/E ratio of 34.61, a P/E/G ratio of 1.29 and a beta of 2.25. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $169.92.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter last year, the firm posted $1.44 EPS. Analysts predict that Targa Resources Corp. will post 5.92 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is presently 63.16%.

Insider Activity

In related news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock valued at $26,815,021 in the last 90 days. 1.44% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Scotiabank increased their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Truist Financial increased their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Barclays increased their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus target price of $152.79.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.