Targa Resources, Inc. $TRGP Shares Sold by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services cut its stake in Targa Resources by 4.2% in Q4, selling 60,081 shares and now holds 1,365,432 shares worth about $251.9 million (≈0.64% of the company).
• Insiders have been net sellers recently — 104,929 insider shares were sold in the last 90 days (≈$24.7 million), including sales by D. Scott Pryor and Patrick J. Mcdonie; insiders now own 1.37% of the stock.
• Wall Street is broadly positive: multiple firms raised targets (several near $260) and the stock has a consensus rating of Moderate Buy with an average target of $256.71.

Massachusetts Financial Services Co. MA lessened its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,365,432 shares of the pipeline company's stock after selling 60,081 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.64% of Targa Resources worth $251,922,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Venturi Wealth Management LLC acquired a new position in Targa Resources in the 4th quarter valued at about $125,000. Triad Wealth Partners LLC acquired a new position in Targa Resources in the 4th quarter valued at about $1,013,000. Fiduciary Alliance LLC acquired a new position in Targa Resources in the 4th quarter valued at about $362,000. V Square Quantitative Management LLC acquired a new position in Targa Resources in the 4th quarter valued at about $849,000. Finally, West Paces Advisors Inc. raised its stake in Targa Resources by 6.6% in the 4th quarter. West Paces Advisors Inc. now owns 1,615 shares of the pipeline company's stock valued at $298,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. TD Cowen boosted their target price on shares of Targa Resources from $192.00 to $220.00 and gave the company a "hold" rating in a research note on Monday, February 23rd. Weiss Ratings raised shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 29th. Mizuho boosted their target price on shares of Targa Resources from $207.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, March 19th. Citigroup boosted their target price on shares of Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a research note on Tuesday, February 24th. Finally, Royal Bank Of Canada boosted their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of "Moderate Buy" and an average target price of $256.71.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 17,500 shares of the company's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the transaction, the insider owned 31,938 shares of the company's stock, valued at $7,311,246.96. This represents a 35.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of the company's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the transaction, the insider directly owned 305,163 shares of the company's stock, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 104,929 shares of company stock worth $24,692,134. Corporate insiders own 1.37% of the company's stock.

Targa Resources Trading Up 0.1%

NYSE TRGP opened at $243.36 on Monday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $253.87. The company has a 50-day moving average of $233.70 and a 200-day moving average of $194.38. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The company has a market cap of $52.27 billion, a P/E ratio of 28.33, a P/E/G ratio of 1.57 and a beta of 0.81.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating 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 company had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. As a group, equities analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.6%. Targa Resources's dividend payout ratio is currently 46.57%.

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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