Duff & Phelps Investment Management Co. Sells 213,880 Shares of Targa Resources Corp. (NYSE:TRGP)

Duff & Phelps Investment Management Co. reduced its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 26.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 604,644 shares of the pipeline company's stock after selling 213,880 shares during the period. Duff & Phelps Investment Management Co. owned 0.28% of Targa Resources worth $89,493,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. DT Investment Partners LLC bought a new stake in Targa Resources in the third quarter valued at about $29,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources in the 2nd quarter valued at about $29,000. UMB Bank n.a. raised its position in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after acquiring an additional 222 shares during the period. Prospera Private Wealth LLC bought a new position in Targa Resources during the 3rd quarter worth approximately $35,000. Finally, Whittier Trust Co. acquired a new position in Targa Resources during the second quarter valued at approximately $44,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 3.8 %

Shares of NYSE TRGP traded down $7.43 during trading hours on Monday, hitting $186.91. The company had a trading volume of 2,304,980 shares, compared to its average volume of 1,654,672. The stock has a market capitalization of $40.76 billion, a P/E ratio of 35.14, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The firm's 50 day moving average is $178.78 and its 200-day moving average is $150.27. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data 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. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business earned $0.97 EPS. On average, analysts expect that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.61%. Targa Resources's dividend payout ratio is currently 54.25%.

Insider Activity

In other news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of the business's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares of the company's stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 183,260 shares of company stock valued at $29,661,212 over the last ninety days. 1.44% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several analyst reports. Truist Financial increased their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Barclays increased their price target on Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a report on Tuesday, October 15th. Stifel Nicolaus raised their price target on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Finally, US Capital Advisors lowered Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $176.50.

Targa Resources 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.