Rafferty Asset Management LLC Sells 1,895 Shares of Targa Resources Corp. (NYSE:TRGP)

Rafferty Asset Management LLC trimmed its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 3.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 50,296 shares of the pipeline company's stock after selling 1,895 shares during the period. Rafferty Asset Management LLC's holdings in Targa Resources were worth $8,978,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Atomi Financial Group Inc. acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $271,000. Segment Wealth Management LLC raised its holdings in Targa Resources by 2,753.4% during the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock worth $9,876,000 after purchasing an additional 53,389 shares in the last quarter. Affinity Wealth Management LLC increased its holdings in shares of Targa Resources by 117.4% in the fourth quarter. Affinity Wealth Management LLC now owns 5,341 shares of the pipeline company's stock valued at $953,000 after buying an additional 2,884 shares in the last quarter. Barclays PLC increased its holdings in shares of Targa Resources by 19.5% in the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after buying an additional 168,602 shares in the last quarter. Finally, Sustainable Insight Capital Management LLC bought a new position in shares of Targa Resources in the fourth quarter valued at $339,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 1.7%

Shares of NYSE TRGP traded down $2.81 during mid-day trading on Tuesday, reaching $161.82. The company had a trading volume of 2,133,545 shares, compared to its average volume of 1,792,129. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market capitalization of $35.10 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a twelve month low of $113.65 and a twelve month high of $218.51. The stock's 50 day moving average is $176.83 and its 200-day moving average is $188.32.

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

Targa Resources Announces Dividend

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

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 35,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. This trade represents a 29.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 over the last three months. 1.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on the stock. UBS Group cut their target price on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Barclays cut their target price on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research note on Tuesday. Morgan Stanley boosted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Truist Financial boosted their target price 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. Finally, 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. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources has an average rating of "Buy" and an average price target of $198.79.

Targa Resources Company Profile

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.