Invesco Ltd. Reduces Position in Targa Resources Corp. (NYSE:TRGP)

Invesco Ltd. decreased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 13.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,426,180 shares of the pipeline company's stock after selling 668,365 shares during the quarter. Invesco Ltd. owned approximately 2.03% of Targa Resources worth $790,073,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TRGP. Atala Financial Inc bought a new position in Targa Resources during the 4th quarter worth approximately $31,000. Rakuten Securities Inc. increased its position in shares of Targa Resources by 394.6% during 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. Mizuho Bank Ltd. acquired a new position in Targa Resources in the fourth quarter valued at $36,000. Aspect Partners LLC boosted its position in Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after acquiring an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton boosted 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 acquiring an additional 89 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 over the last quarter. Insiders own 1.39% of the company's stock.

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Targa Resources Stock Up 0.5 %

NYSE TRGP traded up $0.84 during trading hours on Friday, hitting $163.27. The company's stock had a trading volume of 2,758,741 shares, compared to its average volume of 1,721,472. The company 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 company has a current ratio of 0.77, a quick ratio of 0.61 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 company's 50-day simple moving average is $192.02 and its two-hundred day simple moving average is $187.11.

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 analysts' consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TRGP. Truist Financial boosted 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. Mizuho boosted their price target on Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Royal Bank of Canada raised their price objective 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. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, Barclays cut their target price on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target 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.