Targa Resources Corp. (NYSE:TRGP) Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management cut its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 18.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,053 shares of the pipeline company's stock after selling 14,928 shares during the quarter. Picton Mahoney Asset Management's holdings in Targa Resources were worth $12,148,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. MML Investors Services LLC boosted its position in Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock worth $3,791,000 after acquiring an additional 10,100 shares during the last quarter. Nordea Investment Management AB boosted its position in Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock worth $5,070,000 after acquiring an additional 13,167 shares during the last quarter. Cerity Partners LLC boosted its position in Targa Resources by 47.5% during the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company's stock worth $4,277,000 after acquiring an additional 9,307 shares during the last quarter. Capital Investment Advisors LLC boosted its position in Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock worth $1,476,000 after acquiring an additional 5,431 shares during the last quarter. Finally, Atomi Financial Group Inc. acquired a new stake in Targa Resources during the fourth quarter worth approximately $271,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company's stock, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources 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 completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 in the last ninety days. Corporate insiders own 1.39% of the company's stock.

Targa Resources Stock Up 2.4 %

Targa Resources stock traded up $4.63 during midday trading on Wednesday, hitting $198.90. 1,026,053 shares of the stock were exchanged, compared to its average volume of 1,577,813. Targa Resources Corp. has a 1 year low of $107.31 and a 1 year high of $218.51. The firm has a market cap of $43.38 billion, a P/E ratio of 34.65, a P/E/G ratio of 0.61 and a beta of 2.32. 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 has a 50 day moving average price of $199.40 and a two-hundred day moving average price of $182.29.

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 (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.48 billion. On average, sell-side analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.51%. The ex-dividend date was Friday, January 31st. Targa Resources's dividend payout ratio (DPR) is 52.26%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TRGP shares. Truist Financial raised their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday. Royal Bank of Canada lifted their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. Stifel Nicolaus lifted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Finally, Scotiabank decreased their price target on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. One 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $210.50.

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.