Commerce Bank Lowers Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Commerce Bank trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 10.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,350 shares of the pipeline company's stock after selling 7,894 shares during the quarter. Commerce Bank's holdings in Targa Resources were worth $9,968,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Strategy Asset Managers LLC acquired a new position in Targa Resources during the 3rd quarter worth about $912,000. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources during the third quarter valued at approximately $35,000. Avior Wealth Management LLC increased its holdings in shares of Targa Resources by 76.7% in the third quarter. Avior Wealth Management LLC now owns 2,361 shares of the pipeline company's stock valued at $349,000 after purchasing an additional 1,025 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Targa Resources in the 3rd quarter worth approximately $1,175,000. Finally, Banque Cantonale Vaudoise boosted its position in Targa Resources by 4.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 27,980 shares of the pipeline company's stock valued at $4,141,000 after buying an additional 1,306 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company's stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,760 shares of company stock valued at $30,026,712. Corporate insiders own 1.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TRGP shares. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. UBS Group raised their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Truist Financial raised their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Bank of America began coverage on Targa Resources in a research report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price target on the stock. Finally, Stifel Nicolaus increased their target price on Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a research note on Wednesday. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average price target of $176.50.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $202.79 on Thursday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market cap of $44.22 billion, a price-to-earnings ratio of 36.67, a price-to-earnings-growth ratio of 0.81 and a beta of 2.24. Targa Resources Corp. has a one year low of $81.03 and a one year high of $205.20. The stock's 50-day moving average is $166.96 and its 200-day moving average is $142.82.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analysts' expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the business earned $0.97 EPS. Equities analysts predict that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.48%. Targa Resources's payout ratio 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.