Spirit of America Management Corp NY Has $7.17 Million Stock Position in Targa Resources, Inc. $TRGP

Spirit of America Management Corp NY reduced its holdings in Targa Resources, Inc. (NYSE:TRGP) by 5.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 38,833 shares of the pipeline company’s stock after selling 2,400 shares during the period. Targa Resources accounts for approximately 1.5% of Spirit of America Management Corp NY’s portfolio, making the stock its 11th largest position. Spirit of America Management Corp NY’s holdings in Targa Resources were worth $7,165,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TRGP. Wellington Management Group LLP grew its stake in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Targa Resources during the 3rd quarter valued at $121,426,000. Vanguard Group Inc. raised its stake in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after purchasing an additional 422,075 shares during the last quarter. Merewether Investment Management LP boosted its holdings in Targa Resources by 52.9% in the 2nd quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company’s stock valued at $172,789,000 after purchasing an additional 343,319 shares during the period. Finally, Balyasny Asset Management L.P. boosted its holdings in Targa Resources by 107.1% in the 3rd quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company’s stock valued at $98,628,000 after purchasing an additional 304,426 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other news, insider Patrick J. Mcdonie sold 31,537 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider directly owned 305,163 shares in the company, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles R. Crisp sold 1,359 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total value of $311,618.70. Following the completion of the sale, the director owned 77,094 shares in the company, valued at approximately $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 104,929 shares of company stock valued at $24,692,134. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. TD Cowen raised their price target on shares of Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Mizuho increased their target price on shares of Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, March 19th. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Tuesday, February 24th. Wells Fargo & Company lifted their target price on Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Finally, Truist Financial assumed coverage on Targa Resources in a research note on Tuesday, March 24th. They set a “buy” rating and a $279.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $252.57.

Targa Resources Stock Down 0.9%

TRGP opened at $247.87 on Tuesday. The company has a market capitalization of $53.24 billion, a P/E ratio of 28.86, a P/E/G ratio of 1.64 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The firm’s fifty day moving average price is $224.41 and its two-hundred day moving average price is $189.37. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $253.40.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio is 46.57%.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.