Targa Resources Corp. (NYSE:TRGP) Shares Sold by Resolution Capital Ltd

Resolution Capital Ltd lessened its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 22.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,293 shares of the pipeline company's stock after selling 3,032 shares during the period. Resolution Capital Ltd's holdings in Targa Resources were worth $1,837,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TRGP. Colonial Trust Co SC grew its holdings in shares of Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after buying an additional 162 shares during the last quarter. Atala Financial Inc acquired a new stake in Targa Resources during the 4th quarter worth about $31,000. Cary Street Partners Financial LLC purchased a new stake in Targa Resources during the 4th quarter valued at about $31,000. Rakuten Securities Inc. increased its holdings in shares of Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after purchasing an additional 146 shares during the period. Finally, Mizuho Bank Ltd. purchased a new position in shares of Targa Resources in the fourth quarter worth about $36,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Down 1.0%

Targa Resources stock traded down $1.65 during midday trading on Tuesday, reaching $162.98. 1,020,003 shares of the stock traded hands, compared to its average volume of 1,991,094. The firm has a market cap of $35.35 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 12-month low of $113.65 and a 12-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 company has a 50-day simple moving average of $176.83 and a two-hundred day simple moving average of $188.32.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share 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 business had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders 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 yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is 73.66%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TRGP shares. The Goldman Sachs Group reduced their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Royal Bank of Canada decreased their price objective on Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Scotiabank reduced their price target on Targa Resources from $199.00 to $193.00 and set a "sector outperform" rating for the company in a research report on Tuesday. Mizuho decreased their price target on Targa Resources from $218.00 to $212.00 and set an "outperform" rating for the company in a report on Tuesday. Finally, Truist Financial raised their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock 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 given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of "Buy" and a consensus price target of $198.79.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the company'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 completion of the sale, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03% 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 in the last quarter. Corporate insiders own 1.34% of the company's stock.

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.