Cynosure Group LLC lowered its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 26.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,453 shares of the pipeline company's stock after selling 1,234 shares during the quarter. Cynosure Group LLC's holdings in Targa Resources were worth $616,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. MML Investors Services LLC grew its position 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 valued at $3,791,000 after purchasing an additional 10,100 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock valued at $5,070,000 after buying an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC lifted its position in shares of Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock valued at $1,476,000 after acquiring an additional 5,431 shares during the period. Atomi Financial Group Inc. bought a new position in Targa Resources in the 4th quarter valued at about $271,000. Finally, Segment Wealth Management LLC lifted its stake in Targa Resources by 2,753.4% during the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock worth $9,876,000 after purchasing an additional 53,389 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.
Targa Resources Stock Down 0.5 %
Targa Resources stock traded down $0.88 during mid-day trading on Monday, reaching $160.31. 2,304,238 shares of the company were exchanged, compared to its average volume of 1,765,952. The firm has a market cap of $34.88 billion, a P/E ratio of 27.97, a PEG ratio of 0.61 and a beta of 1.75. The business has a fifty day moving average of $197.03 and a 200 day moving average of $186.74. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. 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 announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.
Targa Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.87%. Targa Resources's dividend payout ratio is presently 52.26%.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on TRGP shares. Mizuho raised their target price on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Scotiabank cut their target price on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 6th. Wells Fargo & Company raised 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, February 21st. Truist Financial upped their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. Finally, Morgan Stanley increased their target price 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. One equities research 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $211.00.
Read Our Latest Stock Analysis on Targa Resources
Insider Buying and Selling
In other news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction on 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. The trade was a 11.62 % 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 in the last 90 days. Company insiders own 1.39% of the company's stock.
About Targa Resources
(
Free Report)
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.
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