Pacer Advisors Inc. Has $7.48 Million Holdings in Targa Resources, Inc. $TRGP

Pacer Advisors Inc. trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 16.5% during the first quarter, Holdings Channel.com reports. The fund owned 29,849 shares of the pipeline company’s stock after selling 5,912 shares during the quarter. Pacer Advisors Inc.’s holdings in Targa Resources were worth $7,484,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $735,758,000. Goldman Sachs Group Inc. boosted its stake in shares of Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after buying an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Targa Resources during the third quarter worth approximately $121,426,000. Bank of America Corp DE grew its position in Targa Resources by 28.0% during the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock worth $790,299,000 after buying an additional 688,598 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. increased its stake in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after acquiring an additional 572,562 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Down 1.3%

Targa Resources stock opened at $259.64 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company has a market capitalization of $55.73 billion, a PE ratio of 26.25, a PEG ratio of 1.33 and a beta of 0.72. The firm’s fifty day moving average is $268.70 and its 200 day moving average is $247.29. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $291.04.

Targa Resources (NYSE:TRGP) last issued its 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). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, sell-side analysts predict that Targa Resources, Inc. will post 10.84 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $1.25 per share. The ex-dividend date is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s payout ratio is 50.56%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRGP. Truist Financial upped their target price on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Wells Fargo & Company raised their price target on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $333.00 price target on shares of Targa Resources in a research note on Tuesday, July 21st. Jefferies Financial Group began coverage on shares of Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Seventeen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $288.00.

Insider Buying and Selling

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.37% of the company’s stock.

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.