Envestnet Asset Management Inc. Decreases Stake in Targa Resources Corp. (NYSE:TRGP)

Envestnet Asset Management Inc. decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 11.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 427,051 shares of the pipeline company’s stock after selling 56,785 shares during the period. Envestnet Asset Management Inc. owned approximately 0.20% of Targa Resources worth $76,229,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Atala Financial Inc acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. Rakuten Securities Inc. grew its position in 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 acquiring an additional 146 shares in the last quarter. Mizuho Bank Ltd. purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $36,000. Aspect Partners LLC lifted its position in shares of Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 130 shares in the last quarter. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. The Goldman Sachs Group boosted their price target on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Citigroup increased their price target on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Morgan Stanley lifted their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Finally, Truist Financial increased their target price on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $211.00.

Insider Buying and Selling

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 completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction on Thursday, February 27th. The shares were 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 in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 in the last quarter. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $160.32 on Wednesday. The stock has a market capitalization of $34.88 billion, a P/E ratio of 27.93, a P/E/G ratio of 0.61 and a beta of 1.75. The firm’s 50-day moving average price is $194.63 and its two-hundred day moving average price is $186.70. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. 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 (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. As a group, sell-side analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.87%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

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.