Hardy Reed LLC Lowers Stake in Targa Resources Corp. (NYSE:TRGP)

Hardy Reed LLC trimmed its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 31.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,389 shares of the pipeline company's stock after selling 1,522 shares during the period. Hardy Reed LLC's holdings in Targa Resources were worth $605,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Creative Planning increased its stake in shares of Targa Resources by 17.6% during the third quarter. Creative Planning now owns 43,783 shares of the pipeline company's stock valued at $6,480,000 after purchasing an additional 6,546 shares in the last quarter. Stratos Wealth Advisors LLC purchased a new stake in shares of Targa Resources in the 3rd quarter worth approximately $237,000. Blue Trust Inc. increased its position in Targa Resources by 75.1% during the 3rd quarter. Blue Trust Inc. now owns 2,611 shares of the pipeline company's stock valued at $386,000 after buying an additional 1,120 shares in the last quarter. Raymond James & Associates raised its stake in Targa Resources by 4.8% during the third quarter. Raymond James & Associates now owns 239,805 shares of the pipeline company's stock valued at $35,494,000 after buying an additional 10,970 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in Targa Resources by 21.6% in the third quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the pipeline company's stock worth $679,000 after acquiring an additional 815 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of Targa Resources stock traded down $3.81 during trading hours on Friday, reaching $200.89. 2,760,117 shares of the stock traded hands, compared to its average volume of 1,514,856. Targa Resources Corp. has a one year low of $95.88 and a one year high of $218.51. The firm has a market capitalization of $43.81 billion, a price-to-earnings ratio of 36.33, a P/E/G ratio of 0.62 and a beta of 2.29. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a 50 day moving average price of $195.58 and a 200 day moving average price of $175.41.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its 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 net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. On average, equities research analysts expect that Targa Resources Corp. will post 6.36 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources's dividend payout ratio (DPR) is 54.25%.

Analysts Set New Price Targets

Several research firms have recently issued reports on TRGP. Scotiabank began coverage on Targa Resources in a research report on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 price target for the company. Truist Financial decreased their target price on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a report on Friday, December 13th. Mizuho increased their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a report on Thursday. Morgan Stanley boosted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Finally, Wells Fargo & Company increased their target price on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $197.21.

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.