Los Angeles Capital Management LLC Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

Los Angeles Capital Management LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 45.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 277,899 shares of the pipeline company's stock after selling 228,376 shares during the period. Los Angeles Capital Management LLC owned 0.13% of Targa Resources worth $41,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. DT Investment Partners LLC purchased a new position in Targa Resources in the third quarter valued at about $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources during the second quarter worth about $29,000. UMB Bank n.a. grew its stake 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 worth $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new stake in shares of Targa Resources during the second quarter worth about $44,000. Finally, Rogco LP purchased a new stake in shares of Targa Resources during the first quarter worth about $56,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

NYSE:TRGP traded up $2.68 during trading hours on Monday, reaching $194.96. The company had a trading volume of 1,231,826 shares, compared to its average volume of 1,653,609. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $196.60. The firm has a market cap of $42.51 billion, a PE ratio of 34.88, a price-to-earnings-growth ratio of 1.49 and a beta of 2.24. The business's 50 day moving average price is $158.92 and its 200-day moving average price is $138.39. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the company posted $0.97 earnings per share. Research analysts forecast that Targa Resources Corp. will post 6.19 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Thursday, October 31st. Targa Resources's payout ratio is presently 54.25%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Argus upgraded Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 15th. Scotiabank boosted their price target on Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, July 17th. Wells Fargo & Company boosted their price target on Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Finally, Truist Financial boosted their price target on Targa Resources from $150.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $159.14.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company's stock, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Robert Muraro sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company's stock, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares of the company's stock, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by corporate insiders.

About Targa Resources

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.