Novare Capital Management LLC Has $333,000 Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Novare Capital Management LLC lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 13.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,250 shares of the pipeline company’s stock after selling 350 shares during the quarter. Novare Capital Management LLC’s holdings in Targa Resources were worth $333,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TRGP. Zurich Insurance Group Ltd FI acquired a new stake in Targa Resources in the 2nd quarter valued at $72,345,000. American Century Companies Inc. increased its position in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after acquiring an additional 557,832 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Targa Resources by 71.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after acquiring an additional 428,276 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in Targa Resources by 876.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 428,107 shares of the pipeline company’s stock valued at $47,944,000 after acquiring an additional 384,248 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $166.66 on Tuesday. The firm has a market cap of $36.51 billion, a price-to-earnings ratio of 35.09, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25. The stock has a fifty day simple moving average of $148.18 and a two-hundred day simple moving average of $131.02. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $167.79.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the firm posted $1.44 EPS. Analysts anticipate that Targa Resources Corp. will post 5.9 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 63.16%.

Insider Activity at Targa Resources

In related news, 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 value of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the business’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 transaction of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,534 shares of company stock worth $26,815,021. 1.39% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on TRGP. Wells Fargo & Company increased their price objective on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Royal Bank of Canada increased their target price on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Truist Financial boosted their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Scotiabank increased their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $141.77.

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.