Commerce Bank cut its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 15.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,751 shares of the pipeline company's stock after selling 10,599 shares during the period. Commerce Bank's holdings in Targa Resources were worth $10,130,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the business. Nordea Investment Management AB grew its holdings in shares of Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock worth $5,070,000 after purchasing an additional 13,167 shares during the last quarter. Capital Investment Advisors LLC raised its stake in shares of Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock valued at $1,476,000 after acquiring an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. bought a new position in shares of Targa Resources during the fourth quarter valued at about $271,000. Segment Wealth Management LLC boosted its holdings in shares of Targa Resources by 2,753.4% during the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock worth $9,876,000 after purchasing an additional 53,389 shares during the period. Finally, Diversified Trust Co increased its holdings in Targa Resources by 133.4% during the 4th quarter. Diversified Trust Co now owns 11,475 shares of the pipeline company's stock valued at $2,048,000 after purchasing an additional 6,558 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.
Targa Resources Stock Up 3.2 %
TRGP stock traded up $5.47 during midday trading on Thursday, hitting $177.82. The company's stock had a trading volume of 561,585 shares, compared to its average volume of 1,727,106. The firm's 50-day moving average is $186.79 and its 200-day moving average is $187.63. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The company has a market cap of $38.69 billion, a PE ratio of 30.96, a P/E/G ratio of 0.61 and a beta of 1.75.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. On average, equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.
Targa Resources Announces Dividend
The business also recently declared a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a $1.00 dividend. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio is presently 69.69%.
Insiders Place Their Bets
In other news, insider D. Scott Pryor sold 35,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.34% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have commented on TRGP. Citigroup upped their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Scotiabank decreased their price target on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company upped their target price on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Mizuho increased their target price on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Finally, Morgan Stanley lifted their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $210.64.
Check Out Our Latest Research Report on Targa Resources
Targa Resources Company Profile
(
Free Report)
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.
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