MontVue Capital Management Inc. Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

MontVue Capital Management Inc. lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 45.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,963 shares of the pipeline company’s stock after selling 2,454 shares during the quarter. MontVue Capital Management Inc.’s holdings in Targa Resources were worth $439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. DT Investment Partners LLC bought a new position in shares of Targa Resources in the 3rd quarter worth about $29,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the second quarter valued at approximately $29,000. UMB Bank n.a. lifted its holdings in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $44,000. Finally, Rogco LP purchased a new stake in shares of Targa Resources in the 1st quarter worth approximately $56,000. 92.13% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Paul W. Chung sold 5,264 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $138.03, for a total value of $726,589.92. Following the completion of the sale, the director now directly owns 232,827 shares of the company’s stock, valued at $32,137,110.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Paul W. Chung sold 5,264 shares of Targa Resources stock in a transaction on Monday, August 12th. The stock was sold at an average price of $138.03, for a total value of $726,589.92. Following the transaction, the director now directly owns 232,827 shares in the company, valued at approximately $32,137,110.81. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 157,764 shares of company stock valued at $24,421,590. 1.39% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Truist Financial boosted their target price on Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. Royal Bank of Canada increased their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Scotiabank lifted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Bank of America started coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. Finally, Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus target price of $157.21.

Targa Resources Stock Up 0.9 %

Shares of NYSE TRGP opened at $187.79 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $189.62. The firm’s 50-day moving average price is $158.01 and its 200-day moving average price is $137.54. The stock has a market capitalization of $40.95 billion, a price-to-earnings ratio of 33.96, a P/E/G ratio of 1.44 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the company earned $0.97 EPS. On average, equities research analysts anticipate that Targa Resources Corp. will post 5.96 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.60%. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

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.