Spirit of America Management Corp NY Has $8.67 Million Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Spirit of America Management Corp NY reduced its stake in Targa Resources by 19.4%, owning 49,783 shares valued at approximately $8.67 million which constitutes 1.8% of its portfolio.
• Several institutional investors have increased their holdings in Targa Resources, with Allianz Asset Management GmbH growing its stake by 34.2% during the second quarter, now owning over 1.27 million shares worth about $221 million.
• Targa Resources recently reported an earnings per share of $2.87, exceeding analysts' expectations and plans to distribute a quarterly dividend of $1.00 per share on November 17th, 2023.

Spirit of America Management Corp NY cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 19.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,783 shares of the pipeline company's stock after selling 12,000 shares during the quarter. Targa Resources accounts for 1.8% of Spirit of America Management Corp NY's portfolio, making the stock its 5th largest holding. Spirit of America Management Corp NY's holdings in Targa Resources were worth $8,666,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Bessemer Group Inc. boosted its stake in shares of Targa Resources by 25.1% during the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock worth $494,000 after acquiring an additional 495 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Targa Resources by 34.2% during the second quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company's stock valued at $221,104,000 after buying an additional 323,398 shares in the last quarter. Aberdeen Group plc grew its holdings in shares of Targa Resources by 17.6% during the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company's stock valued at $30,563,000 after buying an additional 26,318 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Targa Resources by 48.1% during the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after buying an additional 823 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in shares of Targa Resources by 29.9% during the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after buying an additional 864 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TRGP. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Targa Resources in a report on Wednesday, October 8th. Cfra Research upgraded Targa Resources to a "hold" rating in a report on Friday, August 8th. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Finally, Mizuho lowered their price target on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of "Moderate Buy" and a consensus target price of $209.50.

Targa Resources Price Performance

TRGP opened at $148.51 on Friday. The stock has a market cap of $31.96 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 0.87 and a beta of 1.12. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The stock has a fifty day moving average price of $163.54 and a 200 day moving average price of $166.23.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. Targa Resources's payout ratio is currently 56.58%.

About Targa Resources

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.

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, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.