Federated Hermes Inc. Raises Stock Position in Targa Resources Corp. (NYSE:TRGP)

Federated Hermes Inc. grew its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 83.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 462,659 shares of the pipeline company's stock after purchasing an additional 210,943 shares during the period. Federated Hermes Inc. owned approximately 0.21% of Targa Resources worth $82,584,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. MML Investors Services LLC raised its holdings in shares of Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock valued at $3,791,000 after buying an additional 10,100 shares in the last quarter. Nordea Investment Management AB raised its position 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 purchasing an additional 13,167 shares during the period. Capital Investment Advisors LLC boosted its position in 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 buying an additional 5,431 shares during the period. Atomi Financial Group Inc. bought a new position in shares of Targa Resources during the fourth quarter valued at about $271,000. Finally, Segment Wealth Management LLC boosted its holdings in Targa Resources by 2,753.4% during the 4th quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock valued at $9,876,000 after acquiring an additional 53,389 shares during the period. 92.13% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRGP. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Royal Bank of Canada increased their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a report on Monday, March 3rd. The Goldman Sachs Group boosted their price target on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Scotiabank dropped their price target on 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. Finally, Wells Fargo & Company lifted 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. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $210.64.

Insider Transactions at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now owns 2,899 shares of the company's stock, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares in the company, 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. Over the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by company insiders.

Targa Resources Stock Performance

TRGP traded up $0.84 during midday trading on Friday, reaching $163.27. The company had a trading volume of 2,758,741 shares, compared to its average volume of 1,723,134. The business has a 50-day moving average of $192.02 and a two-hundred day moving average of $186.83. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market cap of $35.52 billion, a P/E ratio of 28.44, a P/E/G ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51.

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

Targa Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, April 28th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.29%. Targa Resources's dividend payout ratio is currently 52.26%.

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.