Franklin Resources Inc. trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 49.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 266,676 shares of the pipeline company's stock after selling 257,660 shares during the quarter. Franklin Resources Inc. owned 0.12% of Targa Resources worth $47,602,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Norges Bank bought a new stake in shares of Targa Resources during the 4th quarter worth $505,132,000. GQG Partners LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at approximately $393,335,000. Raymond James Financial Inc. purchased a new position in shares of Targa Resources in the fourth quarter valued at $150,372,000. TD Asset Management Inc. increased its position in shares of Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after buying an additional 825,267 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock worth $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.
Targa Resources Stock Performance
Targa Resources stock traded down $8.67 during midday trading on Thursday, reaching $164.98. 774,828 shares of the company traded hands, compared to its average volume of 1,713,028. 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 Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The firm has a market capitalization of $35.90 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The business has a 50 day moving average of $193.55 and a two-hundred day moving average of $186.73.
Targa Resources (NYSE:TRGP - Get Free Report) last released 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 return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. As a group, research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.
Targa Resources Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.82%. Targa Resources's dividend payout ratio (DPR) is 52.26%.
Insiders Place Their Bets
In related news, insider D. Scott Pryor sold 35,000 shares of the company's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.39% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the company. Truist Financial lifted their price target on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. 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. Morgan Stanley raised their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Finally, Citigroup lifted their price target on Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average target price of $210.64.
Get Our Latest Research Report on Targa Resources
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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