Inspire Investing LLC Trims Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Inspire Investing LLC decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 21.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,323 shares of the pipeline company’s stock after selling 5,713 shares during the period. Inspire Investing LLC’s holdings in Targa Resources were worth $2,746,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after buying an additional 962,073 shares in the last quarter. New Mexico Educational Retirement Board grew its holdings in shares of Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after purchasing an additional 33,900 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Targa Resources by 160.3% during the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after buying an additional 178,655 shares during the period. Finally, Sciencast Management LP purchased a new position in Targa Resources during the first quarter worth $1,910,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $152.19 on Thursday. The stock has a market cap of $33.34 billion, a P/E ratio of 31.31, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The stock has a 50 day moving average of $140.27 and a 200-day moving average of $124.73. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $154.24.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period last year, the business posted $1.44 earnings per share. On average, analysts expect that Targa Resources Corp. will post 5.89 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.97%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. UBS Group increased their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Scotiabank increased their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Finally, Truist Financial raised their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $140.54.

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 dated 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 sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Robert Muraro sold 2,500 shares of the firm’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 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now directly owns 38,403 shares in the company, valued at $5,165,203.50. The disclosure for this sale can be found here. Insiders sold 35,534 shares of company stock worth $4,788,590 in the last quarter. 1.39% of the stock is owned by company 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.