Jefferies Financial Group Inc. Sells 9,263 Shares of Targa Resources, Inc. $TRGP

Key Points

• Jefferies Financial Group sharply cut its Targa Resources stake in the fourth quarter, selling 9,263 shares and reducing its holdings by 84% to 1,763 shares worth about $325,000.
• Insider selling was also notable, with executive Robert Muraro and director Charles R. Crisp both selling shares in recent transactions that lowered their ownership stakes.
• Analysts remain constructive on Targa Resources overall: the stock has a “Moderate Buy” consensus rating with an average price target of $269.21, even as the company recently missed quarterly earnings and revenue estimates.

Jefferies Financial Group Inc. reduced its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 84.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,763 shares of the pipeline company's stock after selling 9,263 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Targa Resources were worth $325,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources in the fourth quarter worth about $27,000. Olistico Wealth LLC bought a new stake in shares of Targa Resources in the fourth quarter worth about $27,000. Leonteq Securities AG bought a new stake in shares of Targa Resources in the fourth quarter worth about $31,000. Eagle Bay Advisors LLC bought a new stake in shares of Targa Resources in the fourth quarter worth about $42,000. Finally, Elyxium Wealth LLC bought a new stake in shares of Targa Resources in the fourth quarter worth about $60,000. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 24,589 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the transaction, the insider directly owned 197,401 shares of the company's stock, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company's stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.37% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Seaport Research Partners restated a "neutral" rating on shares of Targa Resources in a report on Monday, May 4th. US Capital Advisors cut Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday. Wells Fargo & Company upped their price objective on Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research report on Wednesday. Finally, UBS Group upped their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a research report on Tuesday, March 24th. Fifteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Targa Resources currently has an average rating of "Moderate Buy" and an average price target of $269.21.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $255.14 on Monday. The stock has a 50 day moving average price of $251.28 and a 200 day moving average price of $216.51. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a market capitalization of $54.76 billion, a PE ratio of 25.80, a price-to-earnings-growth ratio of 1.32 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Analysts predict that Targa Resources, Inc. will post 10.67 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.0%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources's payout ratio is currently 50.56%.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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