Targa Resources Corp. (NYSE:TRGP) Shares Sold by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 16.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,797,757 shares of the pipeline company's stock after selling 366,761 shares during the quarter. Targa Resources makes up approximately 13.0% of Chickasaw Capital Management LLC's holdings, making the stock its biggest holding. Chickasaw Capital Management LLC owned about 0.82% of Targa Resources worth $320,900,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Wellington Management Group LLP increased its stake in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock valued at $2,235,927,000 after purchasing an additional 633,589 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Targa Resources by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company's stock valued at $843,680,000 after buying an additional 97,583 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock worth $296,647,000 after acquiring an additional 271,444 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company's stock worth $197,076,000 after acquiring an additional 14,287 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Targa Resources by 8.3% in the third quarter. JPMorgan Chase & Co. now owns 1,257,613 shares of the pipeline company's stock worth $186,139,000 after acquiring an additional 96,268 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Truist Financial dropped their price target on Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, December 13th. US Capital Advisors lowered Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Barclays boosted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a report on Tuesday, October 15th. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. One investment 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. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $181.43.

Targa Resources Price Performance

Shares of Targa Resources stock traded up $1.60 during trading on Tuesday, hitting $187.76. The stock had a trading volume of 1,588,490 shares, compared to its average volume of 1,447,871. The business has a fifty day moving average of $187.15 and a two-hundred day moving average of $159.48. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The firm has a market cap of $40.94 billion, a P/E ratio of 33.95, a PEG ratio of 0.73 and a beta of 2.30. 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 (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter last year, the firm posted $0.97 EPS. On average, sell-side analysts expect that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.60%. Targa Resources's dividend payout ratio (DPR) is presently 54.25%.

Insider Transactions at Targa Resources

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

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.