King Luther Capital Management Corp Reduces Position in Targa Resources Corp. (NYSE:TRGP)

King Luther Capital Management Corp reduced its position in shares of Targa Resources Corp. (NYSE:TRGP) by 16.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,574 shares of the pipeline company’s stock after selling 720 shares during the period. King Luther Capital Management Corp’s holdings in Targa Resources were worth $310,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Addison Advisors LLC purchased a new position in Targa Resources in the fourth quarter valued at approximately $27,000. VisionPoint Advisory Group LLC grew its position in shares of Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the last quarter. EdgeRock Capital LLC acquired a new stake in Targa Resources during the 4th quarter worth $42,000. Rational Advisors LLC acquired a new stake in Targa Resources during the 3rd quarter worth $43,000. Finally, Delos Wealth Advisors LLC acquired a new position in Targa Resources in the fourth quarter valued at $43,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the transaction, the insider now owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the sale, the insider now directly owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ershel C. Redd, Jr. sold 3,000 shares of Targa Resources stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the sale, the director now owns 28,223 shares of the company’s stock, valued at $3,192,021.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,691 shares of company stock valued at $4,663,763. 1.39% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Truist Financial raised their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Mizuho boosted their target price on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Scotiabank increased their target price on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus lifted their price target on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $121.50.

Targa Resources Trading Up 0.4 %

Shares of TRGP stock opened at $114.28 on Friday. The stock has a market cap of $25.34 billion, a P/E ratio of 23.51, a P/E/G ratio of 0.66 and a beta of 2.19. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $119.68. The business has a fifty day simple moving average of $113.74 and a 200-day simple moving average of $97.92.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). The business had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. On average, analysts forecast that Targa Resources Corp. will post 5.33 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a dividend of $0.75 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Monday, April 29th. Targa Resources’s payout ratio is currently 61.73%.

Targa Resources 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.