Renaissance Technologies LLC Reduces Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Renaissance Technologies LLC decreased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 8.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 784,400 shares of the pipeline company's stock after selling 75,086 shares during the period. Renaissance Technologies LLC owned 0.36% of Targa Resources worth $140,015,000 at the end of the most recent reporting period.

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

Insider Transactions at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company's stock, valued at $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the 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. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.39% of the company's stock.

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Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Barclays decreased their price target on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research report on Wednesday. Royal Bank of Canada increased their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. Morgan Stanley boosted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Finally, Citigroup lifted their price objective on Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $210.64.

Targa Resources Price Performance

TRGP traded up $0.84 during midday trading on Friday, hitting $163.27. The stock had a trading volume of 2,758,741 shares, compared to its average volume of 1,721,472. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The business has a fifty day moving average of $192.02 and a 200 day moving average of $187.11. The company has a market cap of $35.52 billion, a P/E ratio of 28.44, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, equities analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.29%. Targa Resources's dividend payout ratio is currently 52.26%.

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.