American International Group Inc. Has $6.98 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

American International Group Inc. decreased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 1.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 62,326 shares of the pipeline company’s stock after selling 718 shares during the quarter. American International Group Inc.’s holdings in Targa Resources were worth $6,980,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TRGP. Addison Advisors LLC acquired a new position in Targa Resources during the 4th quarter worth $27,000. Spire Wealth Management lifted its holdings in Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after buying an additional 264 shares in the last quarter. EdgeRock Capital LLC acquired a new position in Targa Resources during the 4th quarter worth $42,000. Delos Wealth Advisors LLC acquired a new position in Targa Resources during the 4th quarter worth $43,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Targa Resources in the 1st quarter valued at $45,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $131.98 on Friday. The stock has a 50-day moving average price of $125.39 and a two-hundred day moving average price of $110.11. The stock has a market cap of $29.26 billion, a PE ratio of 27.16, a price-to-earnings-growth ratio of 0.76 and a beta of 2.27. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a 1 year low of $77.97 and a 1 year high of $138.28.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. Equities analysts forecast that Targa Resources Corp. will post 5.38 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Barclays increased their price target on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research note on Wednesday, July 3rd. Truist Financial increased their price target on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Scotiabank increased their price target on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Finally, Wells Fargo & Company increased their price target on Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $132.15.

Insider Activity

In other news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at approximately $6,466,764. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at approximately $6,466,764. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ershel C. Redd, Jr. sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $113.10, for a total transaction of $339,300.00. Following the completion of the sale, the director now owns 28,223 shares of the company’s stock, valued at $3,192,021.30. The disclosure for this sale can be found here. Insiders sold 52,691 shares of company stock worth $6,197,632 in the last quarter. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Profile

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.