Targa Resources, Inc. $TRGP Shares Sold by Spirit of America Management Corp NY

Spirit of America Management Corp NY lowered its stake in Targa Resources, Inc. (NYSE:TRGP) by 19.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,783 shares of the pipeline company’s stock after selling 12,000 shares during the period. Targa Resources makes up approximately 1.8% of Spirit of America Management Corp NY’s holdings, making the stock its 5th biggest position. Spirit of America Management Corp NY’s holdings in Targa Resources were worth $8,666,000 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. GQG Partners LLC lifted its position in shares of Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after buying an additional 1,410,747 shares during the last quarter. Nuveen LLC bought a new position in shares of Targa Resources in the first quarter worth about $196,351,000. Wellington Management Group LLP increased its stake in shares of Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after purchasing an additional 962,631 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Targa Resources by 43.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock worth $551,033,000 after purchasing an additional 834,666 shares during the period. Finally, Amundi increased its stake in shares of Targa Resources by 33.8% in the first quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock worth $493,812,000 after purchasing an additional 622,096 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on TRGP. Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. TD Securities began coverage on Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating on the stock. Mizuho dropped their price objective on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Finally, Royal Bank Of Canada lifted their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and an average target price of $209.50.

Targa Resources Trading Up 1.5%

Shares of TRGP opened at $148.51 on Friday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $31.96 billion, a price-to-earnings ratio of 21.01, a P/E/G ratio of 0.87 and a beta of 1.12. The stock’s 50-day moving average price is $163.54 and its 200 day moving average price is $166.23.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. As a group, research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, October 31st. Targa Resources’s dividend payout ratio is currently 56.58%.

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.