Ensign Peak Advisors Inc Trims Stake in Targa Resources Corp. (NYSE:TRGP)

Ensign Peak Advisors Inc decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 124,283 shares of the pipeline company's stock after selling 13,226 shares during the quarter. Ensign Peak Advisors Inc owned about 0.06% of Targa Resources worth $22,185,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TRGP. Fisher Asset Management LLC raised its position in shares of Targa Resources by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after purchasing an additional 67 shares during the period. Mather Group LLC. boosted its stake in Targa Resources by 2.3% in the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock valued at $540,000 after purchasing an additional 68 shares during the period. Keybank National Association OH boosted its stake in Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after purchasing an additional 70 shares during the period. Baker Avenue Asset Management LP lifted its position in shares of Targa Resources by 0.8% during the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after acquiring an additional 74 shares during the period. Finally, Huntington National Bank raised its holdings in shares of Targa Resources by 16.5% during the 4th quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock worth $99,000 after buying an additional 79 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 0.4%

Shares of TRGP traded down $0.73 during midday trading on Wednesday, reaching $168.77. 1,810,038 shares of the stock were exchanged, compared to its average volume of 1,781,874. Targa Resources Corp. has a 52 week low of $113.65 and a 52 week 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's 50 day moving average is $178.09 and its two-hundred day moving average is $188.14. The company has a market capitalization of $36.61 billion, a P/E ratio of 29.40, a PEG ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $5.01 billion. On average, sell-side analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

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

Wall Street Analyst Weigh In

TRGP has been the subject of several recent research reports. The Goldman Sachs Group decreased their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Mizuho cut their price target on Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Royal Bank of Canada cut their price target on Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Barclays dropped their target price on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Finally, Truist Financial raised their target price on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $202.93.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction that occurred on 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 in the company, valued at $16,206,024.70. The trade was a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares of the company's stock, valued at $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 over the last three months. 1.34% of the stock is currently owned by insiders.

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.