Morningstar Investment Management LLC Lowers Holdings in Targa Resources Corp. (NYSE:TRGP)

Morningstar Investment Management LLC lowered its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 49.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,837 shares of the pipeline company's stock after selling 6,727 shares during the quarter. Morningstar Investment Management LLC's holdings in Targa Resources were worth $1,220,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TRGP. Coldstream Capital Management Inc. lifted its stake 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 valued at $1,153,000 after buying an additional 66 shares in the last quarter. Mather Group LLC. increased its stake in Targa Resources by 2.3% in the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock worth $540,000 after buying an additional 68 shares in the last quarter. Prime Capital Investment Advisors LLC raised its holdings in Targa Resources by 4.0% during the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company's stock valued at $321,000 after acquiring an additional 84 shares during the period. Catalina Capital Group LLC lifted its position in shares of Targa Resources by 3.9% in the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company's stock valued at $400,000 after acquiring an additional 85 shares in the last quarter. Finally, Huntington National Bank boosted its stake in shares of Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company's stock worth $71,000 after acquiring an additional 89 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 1.9 %

NYSE TRGP traded down $3.81 on Friday, hitting $200.89. 2,760,117 shares of the stock were exchanged, compared to its average volume of 1,514,856. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $95.88 and a 52-week high of $218.51. The firm has a market capitalization of $43.81 billion, a P/E ratio of 36.33, a P/E/G ratio of 0.62 and a beta of 2.29. The stock has a fifty day moving average price of $195.58 and a two-hundred day moving average price of $175.41.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate 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 net margin of 7.65% and a return on equity of 27.59%. Research analysts forecast that Targa Resources Corp. will post 6.36 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources's payout ratio is 54.25%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent analyst reports. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a report on Friday, November 15th. Truist Financial lowered their target price on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, December 13th. Barclays raised their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Finally, Scotiabank initiated coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $197.21.

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.