Price T Rowe Associates Inc. MD Boosts Position in Targa Resources Corp. (NYSE:TRGP)

Price T Rowe Associates Inc. MD boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,756,419 shares of the pipeline company's stock after acquiring an additional 53,853 shares during the quarter. Price T Rowe Associates Inc. MD owned about 1.26% of Targa Resources worth $492,022,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of TRGP. Fisher Asset Management LLC lifted its stake in Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after acquiring an additional 67 shares in the last quarter. Mather Group LLC. lifted its position in shares of Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock worth $540,000 after purchasing an additional 68 shares in the last quarter. Keybank National Association OH lifted its position in shares of Targa Resources by 0.4% during the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock worth $3,470,000 after purchasing an additional 70 shares in the last quarter. Huntington National Bank boosted its stake in shares of Targa Resources by 16.5% in the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock valued at $99,000 after purchasing an additional 79 shares during the period. Finally, Catalina Capital Group LLC grew its holdings 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 purchasing an additional 85 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Buying and Selling

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 shares were sold at an average price of $197.30, for a total transaction 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 approximately $16,206,024.70. This represents a 29.88 % 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, CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction on 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 sale, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at $141,555,510.24. This represents a 6.31 % 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 owned by insiders.

Targa Resources Price Performance

NYSE:TRGP traded down $1.36 during trading hours on Tuesday, reaching $177.89. 979,574 shares of the company traded hands, compared to its average volume of 1,728,714. 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 firm's 50-day moving average is $184.97 and its 200-day moving average is $188.34. The stock has a market cap of $38.71 billion, a P/E ratio of 31.01, 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 posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Equities research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be paid 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%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Truist Financial upped their price target on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. Scotiabank lowered their price objective on shares of Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating on the stock in a research report on Tuesday. Barclays dropped their target price on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Citigroup increased their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Finally, Wells Fargo & Company raised their target price on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $209.29.

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.