Pallas Capital Advisors LLC Sells 5,287 Shares of Targa Resources Corp. (NYSE:TRGP)

Pallas Capital Advisors LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 18.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,563 shares of the pipeline company's stock after selling 5,287 shares during the period. Pallas Capital Advisors LLC's holdings in Targa Resources were worth $4,724,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TRGP. DAVENPORT & Co LLC purchased a new position in shares of Targa Resources during the 4th quarter valued at $221,000. Stratos Wealth Advisors LLC grew its holdings in shares of Targa Resources by 7.1% during the 4th quarter. Stratos Wealth Advisors LLC now owns 1,714 shares of the pipeline company's stock valued at $306,000 after acquiring an additional 113 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Targa Resources by 2.3% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,357 shares of the pipeline company's stock worth $4,169,000 after purchasing an additional 535 shares during the last quarter. Conning Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth $217,000. Finally, Wilmington Savings Fund Society FSB increased its stake in shares of Targa Resources by 134.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,297 shares of the pipeline company's stock worth $410,000 after purchasing an additional 1,319 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Targa Resources stock traded up $4.62 on Wednesday, reaching $169.75. 2,018,706 shares of the stock were exchanged, compared to its average volume of 1,830,477. The firm has a fifty day moving average price of $165.58 and a two-hundred day moving average price of $184.71. Targa Resources Corp. has a twelve month low of $118.93 and a twelve month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $36.82 billion, a PE ratio of 29.57, a PEG ratio of 0.61 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Sell-side analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a dividend of $1.00 per share. The ex-dividend date was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's payout ratio is 73.66%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Barclays reduced their price objective on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating for the company in a research note on Tuesday, May 20th. Citigroup reduced their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Royal Bank of Canada reduced their price objective on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Finally, Truist Financial lifted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Targa Resources presently has an average rating of "Buy" and a consensus target price of $199.07.

About Targa Resources

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.