Pacer Advisors Inc. Has $6.60 Million Stock Holdings in Targa Resources, Inc. $TRGP

Pacer Advisors Inc. decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 13.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 35,761 shares of the pipeline company’s stock after selling 5,394 shares during the period. Pacer Advisors Inc.’s holdings in Targa Resources were worth $6,598,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Olistico Wealth LLC acquired a new stake in Targa Resources during the fourth quarter worth approximately $27,000. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources during the fourth quarter worth approximately $27,000. Miller Capital Partners Inc. bought a new position in shares of Targa Resources during the fourth quarter worth approximately $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the 4th quarter worth approximately $31,000. Finally, Godfrey Financial Associates Inc. acquired a new stake in Targa Resources during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $258.68 on Monday. The company’s 50-day moving average price is $256.83 and its two-hundred day moving average price is $226.27. The firm has a market cap of $55.52 billion, a P/E ratio of 26.16, a P/E/G ratio of 1.32 and a beta of 0.72. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. The ex-dividend date was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources’s dividend payout ratio is currently 50.56%.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.37% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays increased their price objective on Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Truist Financial upped their price target on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Morgan Stanley raised their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group started coverage on shares of Targa Resources in a report on Thursday. They issued a “buy” rating and a $314.00 price objective for the company. Sixteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $272.20.

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.