Targa Resources Corp. (NYSE:TRGP) Holdings Lifted by MML Investors Services LLC

MML Investors Services LLC grew its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 25.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,047 shares of the pipeline company's stock after purchasing an additional 6,432 shares during the period. MML Investors Services LLC's holdings in Targa Resources were worth $5,720,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction dated Tuesday, February 25th. The shares were 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. This trade represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction dated 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 completion of the transaction, the insider now owns 82,139 shares of the company's stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is currently owned by corporate insiders.

Targa Resources Stock Down 0.4 %

NYSE TRGP traded down $0.76 on Tuesday, reaching $178.49. The company had a trading volume of 889,949 shares, compared to its average volume of 1,728,269. 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 1 year low of $110.09 and a 1 year high of $218.51. The firm has a 50-day moving average of $184.97 and a 200-day moving average of $188.34. The firm has a market capitalization of $38.84 billion, a PE ratio of 31.12, a P/E/G ratio of 0.61 and a beta of 1.75.

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 for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. On average, equities research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources's payout ratio is 69.69%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TRGP. Mizuho lowered their price target on Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a report on Monday. Wells Fargo & Company raised their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Barclays lowered their price target on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Truist Financial increased their target price on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Finally, US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Targa Resources presently has a consensus rating of "Buy" and an average price target of $209.29.

Targa Resources Company 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.