Massachusetts Financial Services Co. MA Cuts Position in Targa Resources Corp. (NYSE:TRGP)

Massachusetts Financial Services Co. MA lessened its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,496,569 shares of the pipeline company's stock after selling 152,149 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.69% of Targa Resources worth $267,138,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atala Financial Inc bought a new position in shares of Targa Resources during the fourth quarter valued at about $31,000. Rakuten Securities Inc. lifted its holdings in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after buying an additional 146 shares during the period. Aspect Partners LLC raised its position in shares of Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock worth $39,000 after acquiring an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton lifted its position in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after buying an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new position in Targa Resources during the 4th quarter valued at about $49,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Targa Resources Price Performance

Shares of Targa Resources stock traded up $13.23 on Wednesday, hitting $173.80. 5,628,931 shares of the company traded hands, compared to its average volume of 1,716,545. The business has a 50-day simple moving average of $193.55 and a 200 day simple moving average of $186.73. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The stock has a market capitalization of $37.82 billion, a P/E ratio of 30.28, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. 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 issued its quarterly earnings data 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 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 analysts' expectations of $4.48 billion. Research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's payout ratio is 52.26%.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 35,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company's stock, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. Morgan Stanley raised their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Scotiabank cut their price objective on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a report on Thursday, March 6th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. Finally, 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 note on Friday, February 21st. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price 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.