Viking Fund Management LLC Trims Stake in Targa Resources Corp. (NYSE:TRGP)

Viking Fund Management LLC reduced its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 25.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,000 shares of the pipeline company's stock after selling 21,000 shares during the period. Targa Resources accounts for approximately 1.4% of Viking Fund Management LLC's investment portfolio, making the stock its 20th biggest position. Viking Fund Management LLC's holdings in Targa Resources were worth $8,881,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in TRGP. Massmutual Trust Co. FSB ADV grew its holdings in shares of Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company's stock valued at $138,000 after purchasing an additional 83 shares during the last quarter. Fifth Third Bancorp increased its holdings in Targa Resources by 1.0% in the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company's stock worth $1,148,000 after purchasing an additional 89 shares in the last quarter. Catalina Capital Group LLC boosted its holdings in shares of Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company's stock worth $392,000 after buying an additional 99 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in shares of Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company's stock valued at $1,981,000 after acquiring an additional 100 shares in the last quarter. Finally, &PARTNERS boosted its stake in Targa Resources by 1.1% during the second quarter. &PARTNERS now owns 10,107 shares of the pipeline company's stock worth $1,302,000 after acquiring an additional 107 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Insider Activity

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 110,470 shares of the company's stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Robert Muraro sold 2,500 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company's stock, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction on 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 completion of the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

TRGP has been the subject of several recent research reports. Royal Bank of Canada upped their price target on Targa Resources from $147.00 to $153.00 and gave the stock an "outperform" rating in a report on Tuesday, August 13th. Truist Financial increased their price target on Targa Resources from $125.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Argus raised shares of Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. JPMorgan Chase & Co. increased their target price on Targa Resources from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 2nd. Finally, The Goldman Sachs Group upped their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a report on Thursday, September 19th. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $141.77.

Targa Resources Stock Performance

NYSE:TRGP traded up $3.24 during mid-day trading on Friday, hitting $165.76. 2,355,097 shares of the company traded hands, compared to its average volume of 1,731,643. The stock's fifty day moving average price is $147.41 and its 200-day moving average price is $130.50. The firm has a market cap of $36.31 billion, a price-to-earnings ratio of 34.90, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a one year low of $81.03 and a one year high of $166.07.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the previous year, the company earned $1.44 EPS. Research analysts anticipate that Targa Resources Corp. will post 5.9 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is currently 63.16%.

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.