National Pension Service Sells 33,177 Shares of Targa Resources Corp. (NYSE:TRGP)

National Pension Service lowered its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 11.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 265,205 shares of the pipeline company's stock after selling 33,177 shares during the quarter. National Pension Service owned approximately 0.12% of Targa Resources worth $47,339,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in Targa Resources during the third quarter valued at approximately $35,000. Aspect Partners LLC raised its position in shares of Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock worth $39,000 after buying an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton boosted its stake in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after buying an additional 89 shares during the period. Stonebridge Financial Group LLC bought a new position in Targa Resources in the 4th quarter worth about $49,000. Finally, UMB Bank n.a. raised its holdings in shares of Targa Resources by 39.6% in the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company's stock valued at $67,000 after acquiring an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Activity

In related news, insider D. Scott Pryor sold 35,000 shares of the company's 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 directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. UBS Group increased their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a report on Friday, November 15th. US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Wells Fargo & Company raised their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Truist Financial reduced their price target on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, December 13th. Finally, Scotiabank began 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 objective for the company. One 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $207.00.

Targa Resources Stock Down 3.1 %

Targa Resources stock traded down $6.23 during trading hours on Monday, hitting $195.49. 1,968,565 shares of the stock traded hands, compared to its average volume of 1,590,442. Targa Resources Corp. has a one year low of $99.04 and a one year high of $218.51. The firm's 50-day moving average price is $197.95 and its two-hundred day moving average price is $178.65. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $42.64 billion, a PE ratio of 34.06, a PEG ratio of 0.61 and a beta of 2.29.

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 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 7.81% and a return on equity of 28.67%. On average, research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Friday, January 31st. Targa Resources's dividend payout ratio (DPR) is presently 52.26%.

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.