Targa Resources, Inc. (NYSE:TRGP) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 73.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 231,385 shares of the pipeline company's stock after selling 651,282 shares during the period. Allspring Global Investments Holdings LLC owned about 0.11% of Targa Resources worth $46,987,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Colonial Trust Co SC raised its stake in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after acquiring an additional 162 shares during the period. Atala Financial Inc bought a new stake in shares of Targa Resources during the fourth quarter valued at about $31,000. Cary Street Partners Financial LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at about $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources during the fourth quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Targa Resources during the fourth quarter valued at about $32,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

Shares of NYSE:TRGP traded down $2.11 during trading on Tuesday, reaching $171.97. The stock had a trading volume of 1,830,426 shares, compared to its average volume of 1,836,134. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The business has a fifty day moving average price of $166.48 and a 200-day moving average price of $182.41. The stock has a market cap of $37.31 billion, a PE ratio of 31.67, a PEG ratio of 0.61 and a beta of 1.07. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data 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 30.48% and a net margin of 7.35%. The company had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on TRGP shares. The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Truist Financial upped their price objective 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. Barclays decreased their price objective on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 20th. Scotiabank upped their target price on Targa Resources from $193.00 to $197.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. Finally, Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $204.69.

Targa Resources Company 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.