Ameriprise Financial Inc. Cuts Holdings in Targa Resources Corp. (NYSE:TRGP)

Ameriprise Financial Inc. lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 8.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 459,694 shares of the pipeline company's stock after selling 43,597 shares during the period. Ameriprise Financial Inc. owned 0.21% of Targa Resources worth $82,052,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Atala Financial Inc bought a new stake in Targa Resources in the 4th quarter valued at $31,000. Rakuten Securities Inc. raised its holdings in shares of Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after purchasing an additional 146 shares during the period. Mizuho Bank Ltd. acquired a new position in Targa Resources in the 4th quarter valued at about $36,000. Aspect Partners LLC grew its stake in Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after buying an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton grew its stake in Targa Resources by 49.4% in the 4th 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 last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wells Fargo & Company increased their target price 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. Barclays decreased 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 report on Wednesday, April 9th. Truist Financial increased their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Scotiabank reduced their price target on shares of Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, April 29th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $202.93.

Insider Buying and Selling

In other news, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction dated 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 completion of the sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last quarter. Insiders own 1.34% of the company's stock.

Targa Resources Trading Up 2.4%

Shares of TRGP stock traded up $4.05 during trading hours on Tuesday, hitting $170.24. 2,080,618 shares of the company's stock traded hands, compared to its average volume of 1,776,782. The stock's 50 day simple moving average is $178.32 and its 200 day simple moving average is $188.27. The stock has a market cap of $36.93 billion, a PE ratio of 29.66, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 12 month low of $112.27 and a 12 month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, sell-side analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be paid a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources's dividend payout ratio is presently 73.66%.

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.