FMR LLC decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,900,082 shares of the pipeline company's stock after selling 46,146 shares during the quarter. FMR LLC owned approximately 1.33% of Targa Resources worth $517,665,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Janus Henderson Group PLC grew its stake in Targa Resources by 0.4% in the 3rd quarter. Janus Henderson Group PLC now owns 25,300 shares of the pipeline company's stock valued at $3,744,000 after buying an additional 108 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in shares of Targa Resources by 3.9% in the third quarter. Integrated Wealth Concepts LLC now owns 3,283 shares of the pipeline company's stock worth $486,000 after purchasing an additional 122 shares during the period. Orion Portfolio Solutions LLC lifted its position in shares of Targa Resources by 20.4% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 9,282 shares of the pipeline company's stock worth $1,374,000 after purchasing an additional 1,570 shares during the last quarter. MML Investors Services LLC boosted its stake in 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 purchasing an additional 10,100 shares during the period. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Targa Resources by 25.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 94,411 shares of the pipeline company's stock valued at $13,974,000 after buying an additional 18,921 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.
Targa Resources Price Performance
Shares of TRGP traded up $4.98 during mid-day trading on Tuesday, hitting $169.71. 390,260 shares of the company traded hands, compared to its average volume of 1,719,301. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market capitalization of $36.93 billion, a price-to-earnings ratio of 29.57, a PEG ratio of 0.61 and a beta of 1.75. The business has a 50-day moving average of $191.23 and a 200 day moving average of $187.23. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51.
Targa Resources (NYSE:TRGP - Get Free Report) last released 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 firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.
Targa Resources Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.28%. Targa Resources's dividend payout ratio is 52.26%.
Insider Buying and Selling
In related news, CEO Matthew J. Meloy sold 48,837 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This represents a 6.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following 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. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last ninety days. Insiders own 1.39% of the company's stock.
Analyst Upgrades and Downgrades
TRGP has been the subject of several research reports. Morgan Stanley increased their price objective on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Scotiabank decreased their price target on shares of 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. Royal Bank of Canada upped their price target on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. Citigroup lifted their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Finally, The Goldman Sachs Group increased their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Thirteen 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, Targa Resources has a consensus rating of "Buy" and an average target price of $210.64.
Check Out Our Latest Analysis on TRGP
About Targa Resources
(
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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