Legal & General Group Plc Decreases Position in Targa Resources Corp. (NYSE:TRGP)

Legal & General Group Plc lessened its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 27.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,463,204 shares of the pipeline company's stock after selling 547,339 shares during the period. Legal & General Group Plc owned 0.67% of Targa Resources worth $261,182,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after buying an additional 150,038 shares during the period. Geode Capital Management LLC lifted its stake in Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after acquiring an additional 212,986 shares during the period. Norges Bank bought a new position in Targa Resources during the 4th quarter worth about $505,132,000. GQG Partners LLC purchased a new position in Targa Resources during the 4th quarter valued at about $393,335,000. Finally, Amundi raised its holdings in shares of Targa Resources by 20.9% in the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company's stock valued at $353,469,000 after purchasing an additional 318,261 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Insiders Place Their Bets

In related news, 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TRGP. Barclays dropped their price objective on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Morgan Stanley lifted their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Truist Financial upped their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, The Goldman Sachs Group increased their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research report 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $210.64.

Targa Resources Stock Performance

Targa Resources stock traded up $1.93 during trading hours on Monday, hitting $165.49. 464,845 shares of the stock traded hands, compared to its average volume of 1,716,818. The firm's 50 day moving average price is $192.02 and its 200-day moving average price is $187.11. 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 stock has a market capitalization of $36.01 billion, a price-to-earnings ratio of 28.83, 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 issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share 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 analyst estimates 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 EPS 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. Shareholders of record on Monday, April 28th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.29%. Targa Resources's payout ratio is 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.