Targa Resources Corp. (NYSE:TRGP) is Pinnacle Holdings LLC's 2nd Largest Position

Pinnacle Holdings LLC decreased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 8.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,860 shares of the pipeline company's stock after selling 3,060 shares during the period. Targa Resources makes up 2.3% of Pinnacle Holdings LLC's portfolio, making the stock its 2nd biggest position. Pinnacle Holdings LLC's holdings in Targa Resources were worth $6,044,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. Norges Bank bought a new stake in shares of Targa Resources in the 4th quarter valued at approximately $505,132,000. GQG Partners LLC acquired a new position in Targa Resources in the fourth quarter valued at approximately $393,335,000. Raymond James Financial Inc. bought a new stake in Targa Resources in the 4th quarter valued at about $150,372,000. TD Asset Management Inc. grew its position in Targa Resources by 568.7% in 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 in the last quarter. Finally, Amundi lifted its stake in shares of 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 acquiring an additional 318,261 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on TRGP shares. 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. Wells Fargo & Company lifted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Royal Bank of Canada lifted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research report on Monday, March 3rd. The Goldman Sachs Group lifted 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. Finally, Truist Financial lifted their price target on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $210.64.

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Targa Resources Price Performance

TRGP traded up $1.05 on Monday, hitting $164.61. 628,317 shares of the stock were exchanged, compared to its average volume of 1,717,273. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The firm has a market capitalization of $35.82 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 0.61 and a beta of 1.75. The business has a 50-day moving average of $192.02 and a two-hundred day moving average of $187.11.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results 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 during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Cuts Dividend

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

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm'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 directly owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% 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.