Ausbil Investment Management Ltd Cuts Stake in Targa Resources Corp. (NYSE:TRGP)

Ausbil Investment Management Ltd trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 41.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,148 shares of the pipeline company's stock after selling 16,694 shares during the period. Targa Resources makes up approximately 2.6% of Ausbil Investment Management Ltd's holdings, making the stock its 18th biggest holding. Ausbil Investment Management Ltd's holdings in Targa Resources were worth $4,309,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Buckley Wealth Management LLC boosted its position in Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company's stock valued at $1,469,000 after purchasing an additional 65 shares in the last quarter. Coldstream Capital Management Inc. raised its stake in Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company's stock valued at $1,153,000 after buying an additional 66 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its stake in Targa Resources by 9.8% in the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company's stock valued at $138,000 after buying an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC raised its stake in Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company's stock valued at $321,000 after buying an additional 84 shares during the last quarter. Finally, Huntington National Bank raised its stake in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company's stock valued at $71,000 after buying an additional 89 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by insiders.

Targa Resources Trading Up 2.2 %

Shares of TRGP stock traded up $4.46 on Wednesday, hitting $204.27. The stock had a trading volume of 452,391 shares, compared to its average volume of 1,446,326. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market capitalization of $44.54 billion, a P/E ratio of 36.93, a P/E/G ratio of 0.59 and a beta of 2.29. Targa Resources Corp. has a 1 year low of $85.41 and a 1 year high of $218.51. The company's 50 day moving average price is $193.13 and its 200-day moving average price is $170.03.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the business earned $0.97 EPS. Analysts anticipate that Targa Resources Corp. will post 6.41 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.47%. Targa Resources's payout ratio is 54.25%.

Analyst Ratings Changes

TRGP has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their price target on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They issued a "buy" rating and a $182.00 price target for the company. Royal Bank of Canada increased their price target on Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research note on Monday, November 11th. Truist Financial decreased their price target on Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, December 13th. Finally, Scotiabank assumed coverage on Targa Resources in a research note on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 price objective for the company. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Targa Resources currently has an average rating of "Buy" and an average target price of $189.21.

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.