Chevy Chase Trust Holdings LLC Cuts Position in Targa Resources Corp. (NYSE:TRGP)

Chevy Chase Trust Holdings LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 114,430 shares of the pipeline company's stock after selling 3,036 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Targa Resources worth $20,426,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Asset Management One Co. Ltd. raised its stake in Targa Resources by 2.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 79,794 shares of the pipeline company's stock valued at $14,152,000 after purchasing an additional 2,087 shares in the last quarter. Avestar Capital LLC acquired a new position in Targa Resources during the fourth quarter worth about $222,000. McClarren Financial Advisors Inc. raised its stake in Targa Resources by 18.9% during the fourth quarter. McClarren Financial Advisors Inc. now owns 1,084 shares of the pipeline company's stock worth $193,000 after acquiring an additional 172 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Targa Resources during the fourth quarter worth about $5,784,000. Finally, Van ECK Associates Corp raised its stake in Targa Resources by 3.0% during the fourth quarter. Van ECK Associates Corp now owns 73,638 shares of the pipeline company's stock worth $13,144,000 after acquiring an additional 2,115 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on TRGP shares. Royal Bank of Canada boosted their target price on Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Truist Financial lowered their target price 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. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Wells Fargo & Company boosted their price target on Targa Resources from $190.00 to $204.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Finally, Stifel Nicolaus boosted their price target on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Targa Resources has an average rating of "Buy" and an average price target of $189.21.

Targa Resources Stock Up 0.4 %

TRGP stock traded up $0.74 during mid-day trading on Wednesday, reaching $210.19. 1,728,662 shares of the company traded hands, compared to its average volume of 1,431,756. The stock has a market cap of $45.83 billion, a price-to-earnings ratio of 38.01, a P/E/G ratio of 0.61 and a beta of 2.29. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a fifty-two week low of $95.28 and a fifty-two week high of $218.51. The firm's 50 day moving average price is $194.72 and its 200 day moving average price is $174.96.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.43%. Targa Resources's dividend payout ratio (DPR) is currently 54.25%.

Targa Resources Company 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.