Targa Resources Corp. (NYSE:TRGP) Shares Sold by Eventide Asset Management LLC

Eventide Asset Management LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 9.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 464,464 shares of the pipeline company’s stock after selling 47,330 shares during the quarter. Targa Resources accounts for approximately 1.2% of Eventide Asset Management LLC’s portfolio, making the stock its 26th largest holding. Eventide Asset Management LLC owned 0.21% of Targa Resources worth $68,745,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after purchasing an additional 14,287 shares during the last quarter. Truist Financial Corp grew its position in shares of Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after purchasing an additional 46,864 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Targa Resources by 2.9% in the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock valued at $120,540,000 after purchasing an additional 22,621 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TRGP has been the topic of several research reports. The Goldman Sachs Group increased their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Wells Fargo & Company raised their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Barclays raised their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada raised their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. One investment 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 stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $176.50.

Targa Resources Stock Performance

NYSE:TRGP opened at $201.39 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market cap of $43.92 billion, a P/E ratio of 36.42, a P/E/G ratio of 0.79 and a beta of 2.24. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The firm’s 50 day moving average is $173.37 and its two-hundred day moving average is $146.40.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $4.24 billion. During the same quarter last year, the firm posted $0.97 earnings per share. Analysts expect that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were 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 trade represents a 1.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 185,760 shares of company stock valued at $30,026,712. Corporate insiders own 1.39% of the company’s stock.

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.