Buckley Wealth Management LLC Reduces Stock Position in Targa Resources Corp. (NYSE:TRGP)

Buckley Wealth Management LLC cut its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 18.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,135 shares of the pipeline company's stock after selling 1,790 shares during the quarter. Buckley Wealth Management LLC's holdings in Targa Resources were worth $1,452,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in TRGP. MML Investors Services LLC grew its stake in Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock valued at $3,791,000 after purchasing an additional 10,100 shares during the period. Nordea Investment Management AB increased its stake in Targa Resources by 85.7% in the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock worth $5,070,000 after acquiring an additional 13,167 shares during the last quarter. Cerity Partners LLC increased its stake in Targa Resources by 47.5% in the 3rd quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company's stock worth $4,277,000 after acquiring an additional 9,307 shares during the last quarter. Capital Investment Advisors LLC increased its position in shares of Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock valued at $1,476,000 after purchasing an additional 5,431 shares during the last quarter. Finally, Atomi Financial Group Inc. bought a new position in shares of Targa Resources during the 4th quarter valued at about $271,000. 92.13% of the stock is owned by institutional investors and hedge funds.

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Insider Transactions at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company's stock, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by company insiders.

Targa Resources Stock Performance

Targa Resources stock traded up $4.63 during mid-day trading on Wednesday, reaching $198.90. 1,026,053 shares of the stock traded hands, compared to its average volume of 1,577,813. The stock has a market capitalization of $43.38 billion, a PE ratio of 34.65, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 12-month low of $107.31 and a 12-month high of $218.51. The business's 50-day moving average is $199.40 and its 200-day moving average is $182.29.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, sell-side analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.51%. The ex-dividend date was Friday, January 31st. Targa Resources's dividend payout ratio is presently 52.26%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several recent research reports. Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Scotiabank reduced their price target on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 6th. Truist Financial increased their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday. US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Finally, Stifel Nicolaus lifted their price target on Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $210.50.

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.