KBC Group NV Lowers Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• KBC Group NV cut its stake in Targa Resources by 21.3% in Q4, selling 24,408 shares and finishing the quarter with 90,279 shares valued at $16.656 million; institutional investors collectively own 92.13% of the stock.
• Analysts have been raising targets and ratings recently, leaving Targa with a MarketBeat consensus of "Moderate Buy" and an average price target of $258.07 (several firms boosted targets into the $240–$285 range).
• Targa increased its quarterly dividend to $1.25 ($5.00 annual, ~2.1% yield) and reported Q4 EPS of $2.51 (beat), while showing a high debt-to-equity ratio of 5.21 and a 12‑month price range of $144.14–$253.87.

KBC Group NV decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 21.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 90,279 shares of the pipeline company's stock after selling 24,408 shares during the quarter. KBC Group NV's holdings in Targa Resources were worth $16,656,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Foster Victor Wealth Advisors LLC purchased a new position in shares of Targa Resources during the 4th quarter valued at $518,000. Farther Finance Advisors LLC increased its holdings in Targa Resources by 29.1% in the 4th quarter. Farther Finance Advisors LLC now owns 4,242 shares of the pipeline company's stock valued at $783,000 after acquiring an additional 957 shares during the last quarter. Assetmark Inc. increased its holdings in Targa Resources by 11.6% in the 4th quarter. Assetmark Inc. now owns 1,545 shares of the pipeline company's stock valued at $285,000 after acquiring an additional 160 shares during the last quarter. Eagle Bay Advisors LLC bought a new stake in Targa Resources in the 4th quarter valued at $42,000. Finally, RFG Holdings Inc. bought a new stake in Targa Resources in the 4th quarter valued at $221,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TRGP shares. Wells Fargo & Company lifted their price target on shares of Targa Resources from $248.00 to $264.00 and gave the company an "overweight" rating in a report on Friday, March 13th. Mizuho lifted their price target on shares of Targa Resources from $207.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, March 19th. Stifel Nicolaus lifted their price target on shares of Targa Resources from $213.00 to $243.00 and gave the company a "buy" rating in a report on Friday, February 20th. Truist Financial lifted their price target on shares of Targa Resources from $279.00 to $285.00 and gave the company a "buy" rating in a report on Monday, April 13th. Finally, Barclays lifted their price target on shares of Targa Resources from $226.00 to $255.00 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $258.07.

Insider Transactions at Targa Resources

In other news, Director Lindsey Cooksen sold 435 shares of the business's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the sale, the director directly owned 11,670 shares in the company, valued at $2,704,172.40. The trade was a 3.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 17,500 shares of the business's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the sale, the insider owned 31,938 shares in the company, valued at approximately $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 104,929 shares of company stock worth $24,692,134. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

Targa Resources stock opened at $235.63 on Friday. The company's 50-day moving average price is $237.10 and its 200-day moving average price is $196.39. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.87. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The company has a market cap of $50.61 billion, a PE ratio of 27.43, a price-to-earnings-growth ratio of 1.55 and a beta of 0.81.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. On average, equities research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be issued a $1.25 dividend. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date is Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.1%. Targa Resources's payout ratio is presently 46.57%.

Targa Resources 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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