FIL Ltd Has $17.82 Million Position in Targa Resources Corp. (NYSE:TRGP)

FIL Ltd decreased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 4.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 99,851 shares of the pipeline company's stock after selling 4,252 shares during the period. FIL Ltd's holdings in Targa Resources were worth $17,823,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in Targa Resources during the fourth quarter worth $505,132,000. GQG Partners LLC purchased a new stake in Targa Resources in the 4th quarter valued at about $393,335,000. Raymond James Financial Inc. purchased a new position in Targa Resources during the fourth quarter worth approximately $150,372,000. TD Asset Management Inc. grew its stake in shares of Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after buying an additional 825,267 shares during the period. Finally, Amundi grew its position in Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company's stock valued at $353,469,000 after acquiring an additional 318,261 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Up 2.8 %

TRGP stock traded up $4.72 during midday trading on Wednesday, reaching $172.76. The company's stock had a trading volume of 2,699,327 shares, compared to its average volume of 1,726,387. The business's 50-day simple moving average is $190.61 and its 200-day simple moving average is $187.10. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The stock has a market cap of $37.59 billion, a PE ratio of 30.10, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75.

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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). 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 the consensus estimate of $4.48 billion. As a group, sell-side analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Cuts Dividend

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

Insider Activity

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm's stock in a transaction that occurred 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 completion of the sale, 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the company'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 owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last ninety days. Insiders own 1.34% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TRGP shares. Morgan Stanley increased their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Scotiabank cut 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 research note on Thursday, March 6th. Truist Financial lifted their target price on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Citigroup increased their target price 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, Mizuho raised their price target on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of "Buy" and an average price target of $210.64.

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.