Sit Investment Associates Inc. Decreases Stake in Targa Resources Corp. (NYSE:TRGP)

Sit Investment Associates Inc. trimmed its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 23.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,925 shares of the pipeline company's stock after selling 2,985 shares during the period. Sit Investment Associates Inc.'s holdings in Targa Resources were worth $1,772,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. MML Investors Services LLC grew its holdings in Targa Resources by 65.1% in the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock worth $3,791,000 after purchasing an additional 10,100 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Targa Resources by 85.7% in the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock worth $5,070,000 after purchasing an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC grew its stake in Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock worth $1,476,000 after buying an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. acquired a new position in Targa Resources during the 4th quarter valued at about $271,000. Finally, Segment Wealth Management LLC raised its stake in Targa Resources by 2,753.4% in the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock valued at $9,876,000 after buying an additional 53,389 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

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Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction 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 sale, the insider now owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the 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 transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 in the last ninety days. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

Targa Resources stock traded up $0.84 during midday trading on Friday, hitting $163.27. 2,758,741 shares of the company were exchanged, compared to its average volume of 1,723,134. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The firm has a market capitalization of $35.52 billion, a PE ratio of 28.44, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The business has a fifty day simple moving average of $192.02 and a two-hundred day simple moving average of $186.83. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results 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 net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.48 billion. On average, sell-side analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Shareholders 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 0.29%. Targa Resources's dividend payout ratio (DPR) is currently 52.26%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research analyst reports. Barclays dropped their price target on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday. 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 research note on Tuesday, March 18th. Citigroup lifted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Mizuho raised their target price on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Targa Resources currently has an average rating of "Buy" and a consensus target price of $210.64.

Targa Resources 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.