Custom Index Systems LLC Sells 707 Shares of Targa Resources Corp. (NYSE:TRGP)

by · The Cerbat Gem

Custom Index Systems LLC lessened its holdings in Targa Resources Corp. (NYSE:TRGP – Free Report) by 17.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,413 shares of the pipeline company’s stock after selling 707 shares during the period. Custom Index Systems LLC’s holdings in Targa Resources were worth $505,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources in the 2nd quarter valued at about $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources in the third quarter valued at approximately $29,000. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new position in Targa Resources in the 2nd quarter worth approximately $44,000. Finally, Register Financial Advisors LLC bought a new position in shares of Targa Resources in the 1st quarter worth $45,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 1.5 %

Shares of Targa Resources stock traded down $2.61 during trading on Friday, reaching $165.96. 2,454,740 shares of the stock were exchanged, compared to its average volume of 1,652,166. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $169.92. The firm has a market cap of $36.36 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The stock’s fifty day moving average is $152.97 and its 200 day moving average is $134.04.

Targa Resources (NYSE:TRGP – Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates 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 company earned $1.44 EPS. As a group, equities research analysts expect that Targa Resources Corp. will post 5.92 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.81%. Targa Resources’s dividend payout ratio (DPR) is presently 63.16%.

Insider Transactions at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 175,534 shares of company stock valued at $26,815,021. Company insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on TRGP. Royal Bank of Canada lifted their price target on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. 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. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Scotiabank boosted their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Finally, Truist Financial increased their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $152.79.

Read Our Latest Stock Report on TRGP

Targa Resources Company Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp. (NYSE:TRGP – Free Report).