Targa Resources Corp. (NYSE:TRGP) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its position in shares of Targa Resources Corp. (NYSE:TRGP) by 12.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 144,521 shares of the pipeline company’s stock after selling 20,304 shares during the period. Exchange Traded Concepts LLC’s holdings in Targa Resources were worth $25,797,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TRGP. Thrivent Financial for Lutherans increased its holdings in Targa Resources by 2.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock valued at $1,202,000 after purchasing an additional 245 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Targa Resources by 31.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,287 shares of the pipeline company’s stock worth $174,000 after buying an additional 310 shares during the period. Public Sector Pension Investment Board grew its stake in shares of Targa Resources by 4.3% in the second quarter. Public Sector Pension Investment Board now owns 38,494 shares of the pipeline company’s stock valued at $4,957,000 after buying an additional 1,585 shares in the last quarter. Evergreen Capital Management LLC purchased a new stake in shares of Targa Resources during the 2nd quarter valued at about $243,000. Finally, Bank of Montreal Can lifted its position in Targa Resources by 1.3% during the 2nd quarter. Bank of Montreal Can now owns 342,717 shares of the pipeline company’s stock worth $44,509,000 after acquiring an additional 4,234 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on TRGP shares. Morgan Stanley increased their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Wells Fargo & Company raised their price target on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Barclays boosted their price objective on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Bank of America assumed coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Finally, Truist Financial cut their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued 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 $189.21.

Targa Resources Stock Up 0.2 %

Shares of NYSE:TRGP opened at $211.73 on Friday. The company’s fifty day moving average is $192.80 and its two-hundred day moving average is $165.43. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 1-year low of $84.00 and a 1-year high of $218.51. The stock has a market capitalization of $46.17 billion, a price-to-earnings ratio of 38.30, a price-to-earnings-growth ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the business earned $0.97 EPS. Equities analysts anticipate that Targa Resources Corp. will post 6.42 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.42%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

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.