Nuveen Asset Management LLC Has $349.02 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Nuveen Asset Management LLC boosted its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 22.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,955,316 shares of the pipeline company's stock after purchasing an additional 353,165 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.90% of Targa Resources worth $349,024,000 at the end of the most recent quarter.

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

Targa Resources Stock Performance

TRGP stock traded down $2.26 during trading on Tuesday, hitting $162.37. 692,748 shares of the company's stock traded hands, compared to its average volume of 1,782,989. The stock has a fifty day moving average price of $176.83 and a two-hundred day moving average price of $188.32. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52 week low of $113.65 and a 52 week high of $218.51. The stock has a market capitalization of $35.22 billion, a price-to-earnings ratio of 28.30, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results 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). The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate 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 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid 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 currently 73.66%.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. This represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was 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 of the company's stock, valued at $43,731,100.98. This represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last three months. Insiders own 1.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. 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 research note on Thursday, May 8th. Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. Mizuho decreased their price objective on Targa Resources from $218.00 to $212.00 and set an "outperform" rating for the company in a report on Tuesday. Truist Financial boosted their target price on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Finally, Wells Fargo & Company raised their target price on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. 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, the company presently has a consensus rating of "Buy" and a consensus 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.