Harvest Fund Management Co. Ltd Reduces Stock Position in Targa Resources Corp. (NYSE:TRGP)

Harvest Fund Management Co. Ltd trimmed its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 63.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,592 shares of the pipeline company's stock after selling 4,474 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Targa Resources were worth $462,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. lifted its position in shares of Targa Resources by 0.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company's stock worth $1,153,000 after buying an additional 66 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Targa Resources by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock valued at $396,000 after acquiring an additional 67 shares in the last quarter. Mather Group LLC. boosted its stake in Targa Resources by 2.3% in the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock valued at $540,000 after acquiring an additional 68 shares in the last quarter. Keybank National Association OH grew its holdings in shares of Targa Resources by 0.4% during the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock worth $3,470,000 after purchasing an additional 70 shares during the last quarter. Finally, Catalina Capital Group LLC increased its position in shares of Targa Resources by 3.9% during the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company's stock worth $400,000 after purchasing an additional 85 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

TRGP has been the topic of a number of research reports. Truist Financial raised their price target on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. The Goldman Sachs Group raised 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. Morgan Stanley upped their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Finally, US Capital Advisors cut shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $211.00.

Targa Resources Stock Performance

Shares of TRGP stock traded down $3.66 during trading hours on Wednesday, reaching $201.91. 1,281,103 shares of the company's stock were exchanged, compared to its average volume of 1,568,440. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company's 50 day moving average is $200.01 and its two-hundred day moving average is $184.16. The company has a market cap of $44.04 billion, a P/E ratio of 35.18, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. 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 released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 28.67% and a net margin of 7.81%. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's dividend payout ratio (DPR) is 52.26%.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the firm'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 transaction, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares of the company's stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company's stock.

Targa Resources Profile

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.