Ethic Inc. Lowers Stock Position in Targa Resources Corp. (NYSE:TRGP)

Ethic Inc. cut its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 13.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,341 shares of the pipeline company's stock after selling 7,701 shares during the period. Ethic Inc.'s holdings in Targa Resources were worth $9,164,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after purchasing an additional 150,038 shares during the last quarter. Geode Capital Management LLC grew its position in Targa Resources by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after acquiring an additional 212,986 shares during the last quarter. Norges Bank bought a new position in Targa Resources during the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD grew its position in Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after acquiring an additional 53,853 shares during the last quarter. Finally, GQG Partners LLC bought a new position in Targa Resources during the fourth quarter valued at approximately $393,335,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 4.1%

TRGP stock traded up $6.56 on Monday, reaching $166.12. The company's stock had a trading volume of 2,520,115 shares, compared to its average volume of 1,775,568. The business has a fifty day simple moving average of $178.32 and a two-hundred day simple moving average of $188.27. Targa Resources Corp. has a 12-month low of $112.27 and a 12-month high of $218.51. The firm has a market cap of $36.04 billion, a PE ratio of 28.94, a PEG 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 (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS 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 business had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. As a group, research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on TRGP. Barclays reduced their price target 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. Morgan Stanley increased their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Citigroup reduced their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday. Truist Financial increased their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Finally, Mizuho reduced their price target on shares of Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Thirteen equities research 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 presently has an average rating of "Buy" and an average target price of $202.93.

Insider Buying and Selling

In related news, 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 sale, the insider now owns 82,139 shares of the company's stock, valued at $16,206,024.70. This trade represents a 29.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now directly owns 2,899 shares of the company's stock, valued at $568,957.74. This represents a 43.03% decrease in their position. 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. 1.34% of the stock is owned by company insiders.

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.