Securian Asset Management Inc. Sells 4,512 Shares of Targa Resources, Inc. $TRGP

Key Points

• Securian Asset Management cut its Targa Resources stake by 43.6% in the fourth quarter, selling 4,512 shares and leaving it with 5,837 shares worth about $1.08 million.
• Insider selling has been notable, including a 31,537-share sale by insider Patrick J. Mcdonie and a 1,359-share sale by Director Charles R. Crisp; insiders sold 104,929 shares over the last 90 days.
• Targa Resources raised its quarterly dividend to $1.25 per share, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of $265.86.

Securian Asset Management Inc. lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 43.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,837 shares of the pipeline company's stock after selling 4,512 shares during the period. Securian Asset Management Inc.'s holdings in Targa Resources were worth $1,077,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. First Horizon Corp grew its stake in shares of Targa Resources by 20.1% in the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company's stock valued at $63,000 after buying an additional 57 shares in the last quarter. Larson Financial Group LLC raised its position in Targa Resources by 4.1% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company's stock worth $253,000 after acquiring an additional 60 shares in the last quarter. Equitable Holdings Inc. lifted its stake in Targa Resources by 3.6% in the third quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company's stock valued at $287,000 after acquiring an additional 60 shares during the last quarter. Stratos Wealth Partners LTD. lifted its stake in Targa Resources by 1.3% in the third quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company's stock valued at $845,000 after acquiring an additional 64 shares during the last quarter. Finally, State of Wyoming grew its position in shares of Targa Resources by 3.2% in the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company's stock valued at $361,000 after acquiring an additional 64 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In other news, insider Patrick J. Mcdonie sold 31,537 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider directly owned 305,163 shares in the company, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles R. Crisp sold 1,359 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the sale, the director directly owned 77,094 shares in the company, valued at $17,677,654.20. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 104,929 shares of company stock valued at $24,692,134. Company insiders own 1.37% of the company's stock.

Targa Resources Stock Up 0.8%

Shares of TRGP opened at $255.26 on Wednesday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $261.95. The company has a market cap of $54.79 billion, a P/E ratio of 25.81, a P/E/G ratio of 1.64 and a beta of 0.75. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a 50 day simple moving average of $243.27 and a two-hundred day simple moving average of $206.36.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Research analysts forecast that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be paid a $1.25 dividend. 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 is Thursday, April 30th. Targa Resources's payout ratio is 50.56%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TRGP. Truist Financial upped their target price on shares of Targa Resources from $285.00 to $289.00 and gave the company a "buy" rating in a report on Tuesday. Mizuho raised their price objective on Targa Resources from $207.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, March 19th. Wells Fargo & Company lifted their target price on Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday. The Goldman Sachs Group increased their price target on Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Finally, Citigroup raised their price target on Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a report on Tuesday, February 24th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $265.86.

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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