Stevens Capital Management LP Sells 4,827 Shares of Targa Resources, Inc. $TRGP

Key Points

• Stevens Capital Management cut its stake in Targa Resources by 65.3% in Q4, selling 4,827 shares and leaving it with 2,561 shares worth about $473,000.
• Significant insider selling occurred recently — insiders disposed of 104,929 shares (~$24.69M) in the last 90 days, including Patrick J. Mcdonie (31,537 shares, ~$7.55M) and D. Scott Pryor (17,500 shares, ~$4.01M).
• Targa raised its quarterly dividend to $1.25 (annualized $5.00, 2.0% yield) and reported Q earnings of $2.51 EPS (above estimates), while analysts have lifted targets to an average of about $259.93 with a "Moderate Buy" consensus.

Stevens Capital Management LP lessened its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 65.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,561 shares of the pipeline company's stock after selling 4,827 shares during the quarter. Stevens Capital Management LP's holdings in Targa Resources were worth $473,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TRGP. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Targa Resources in the 3rd quarter valued at approximately $121,426,000. Vanguard Group Inc. raised its position in shares of Targa Resources by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock valued at $4,755,169,000 after acquiring an additional 422,075 shares during the period. Merewether Investment Management LP raised its position in shares of Targa Resources by 52.9% in the 2nd quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company's stock valued at $172,789,000 after acquiring an additional 343,319 shares during the period. Finally, Balyasny Asset Management L.P. raised its position in shares of Targa Resources by 107.1% in the 3rd quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company's stock valued at $98,628,000 after acquiring an additional 304,426 shares during the period. Institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In other news, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources 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 $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 sale, the insider directly owned 31,938 shares in the company, valued at $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 104,929 shares of company stock valued at $24,692,134 over the last ninety days. Insiders own 1.37% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $249.26 on Thursday. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The company has a market capitalization of $53.54 billion, a P/E ratio of 29.02, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. The company's 50 day moving average price is $241.66 and its two-hundred day moving average price is $203.52. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $261.95.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, analysts expect that Targa Resources, Inc. will post 10.32 earnings per share 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. Stockholders of record on Thursday, April 30th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date is Thursday, April 30th. Targa Resources's dividend payout ratio is 58.21%.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of analyst reports. Seaport Research Partners reiterated a "neutral" rating on shares of Targa Resources in a research report on Monday. Royal Bank Of Canada increased their price target on shares of Targa Resources from $260.00 to $270.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Truist Financial increased their price target on shares of Targa Resources from $279.00 to $285.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Mizuho increased their price target on shares of Targa Resources from $207.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, March 19th. Finally, Scotiabank raised their target price on shares of Targa Resources from $246.00 to $249.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $259.93.

About Targa Resources

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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