AMJ Financial Wealth Management Cuts Stock Position in Targa Resources Corp. (NYSE:TRGP)

AMJ Financial Wealth Management cut its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 31.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,814 shares of the pipeline company’s stock after selling 10,611 shares during the period. AMJ Financial Wealth Management’s holdings in Targa Resources were worth $1,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bessemer Group Inc. lifted its position in shares of Targa Resources by 75.1% in the 2nd quarter. Bessemer Group Inc. now owns 338 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 145 shares during the period. Quarry LP purchased a new position in Targa Resources during the 1st quarter worth approximately $33,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Targa Resources by 231.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 470 shares of the pipeline company’s stock valued at $36,000 after buying an additional 328 shares during the last quarter. BOKF NA purchased a new stake in Targa Resources in the 1st quarter worth approximately $42,000. Finally, Brown Brothers Harriman & Co. increased its holdings in Targa Resources by 42.1% in the first quarter. Brown Brothers Harriman & Co. now owns 658 shares of the pipeline company’s stock valued at $48,000 after buying an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 90.21% of the company’s stock.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 3,000 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $85.01, for a total transaction of $255,030.00. Following the completion of the transaction, the director now directly owns 116,524 shares of the company’s stock, valued at $9,905,705.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $85.01, for a total transaction of $255,030.00. Following the transaction, the director now owns 116,524 shares of the company’s stock, valued at $9,905,705.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 2,000 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $90.00, for a total value of $180,000.00. Following the completion of the sale, the chief accounting officer now directly owns 58,066 shares of the company’s stock, valued at approximately $5,225,940. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,000 shares of company stock worth $1,335,330. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded up $0.58 during trading on Monday, reaching $86.60. The company had a trading volume of 296,523 shares, compared to its average volume of 1,606,255. Targa Resources Corp. has a fifty-two week low of $64.85 and a fifty-two week high of $90.64. The company has a debt-to-equity ratio of 2.81, a current ratio of 0.80 and a quick ratio of 0.60. The stock’s fifty day moving average price is $85.10 and its 200 day moving average price is $79.86. The firm has a market capitalization of $19.31 billion, a price-to-earnings ratio of 22.52 and a beta of 2.27.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Tuesday, October 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, October 30th. This represents a $2.00 dividend on an annualized basis and a yield of 2.31%. Targa Resources’s payout ratio is currently 52.36%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TRGP shares. StockNews.com assumed coverage on shares of Targa Resources in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Truist Financial upped their price objective on Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Barclays increased their price objective on shares of Targa Resources from $89.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Mizuho boosted their target price on Targa Resources from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, September 20th. Finally, Citigroup lifted their target price on Targa Resources from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $104.00.

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.