Cohen & Steers Inc. Has $145.92 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Cohen & Steers Inc. trimmed its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 4.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 817,462 shares of the pipeline company's stock after selling 35,787 shares during the quarter. Cohen & Steers Inc. owned about 0.37% of Targa Resources worth $145,917,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Atala Financial Inc bought a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Rakuten Securities Inc. grew its stake in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after purchasing an additional 146 shares during the period. Mizuho Bank Ltd. bought a new stake in Targa Resources in the fourth quarter valued at about $36,000. Aspect Partners LLC lifted its stake in Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after buying an additional 130 shares during the period. Finally, Rosenberg Matthew Hamilton boosted its holdings in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock worth $48,000 after buying an additional 89 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Scotiabank dropped their target price 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. Truist Financial upped their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Morgan Stanley boosted their price objective 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. Finally, Citigroup increased their target price on Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $210.64.

Targa Resources Stock Up 1.0 %

Shares of Targa Resources stock traded up $1.80 on Friday, reaching $174.48. 1,975,788 shares of the company were exchanged, compared to its average volume of 1,724,451. The company has a market capitalization of $37.97 billion, a price-to-earnings ratio of 30.40, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. The company has a 50-day moving average of $189.42 and a 200 day moving average of $187.18. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.28%. Targa Resources's payout ratio is presently 69.69%.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the business'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 value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.34% of the company's stock.

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.