Comerica Bank decreased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 13.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,686 shares of the pipeline company's stock after selling 6,221 shares during the period. Comerica Bank's holdings in Targa Resources were worth $7,441,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Nordea Investment Management AB grew its holdings in Targa Resources by 85.7% in the 4th 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 grew its stake in shares of Targa Resources by 191.4% during the fourth 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. bought a new stake in shares of Targa Resources during the fourth quarter worth about $271,000. Segment Wealth Management LLC lifted its holdings in shares of 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 period. Finally, Diversified Trust Co grew its stake in shares of Targa Resources by 133.4% in the fourth quarter. Diversified Trust Co now owns 11,475 shares of the pipeline company's stock worth $2,048,000 after purchasing an additional 6,558 shares during the last quarter. 92.13% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts have commented on the company. Truist Financial upped their price target on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Mizuho reduced their price objective on shares of Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Scotiabank lowered their target price on shares of Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating for the company in a research note on Tuesday, April 29th. Citigroup increased their price target on Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Finally, US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $207.21.
Read Our Latest Report on TRGP
Targa Resources Stock Down 0.4 %
Shares of Targa Resources stock traded down $0.64 on Tuesday, hitting $157.61. The company had a trading volume of 2,927,268 shares, compared to its average volume of 1,759,049. The stock has a market capitalization of $34.29 billion, a price-to-earnings ratio of 27.46, a P/E/G ratio of 0.61 and a beta of 1.22. 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 Corp. has a 1 year low of $112.05 and a 1 year high of $218.51. The stock has a 50 day moving average of $181.65 and a 200-day moving average of $188.45.
Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, sell-side analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.
Targa Resources Announces Dividend
The company also recently announced a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be given a dividend of $1.00 per share. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio is currently 73.66%.
Insider Activity
In related news, insider Jennifer R. Kneale sold 29,887 shares of the company'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 transaction of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the firm'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 disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last three months. Corporate insiders own 1.34% of the company's stock.
Targa Resources Profile
(
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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