Mariner LLC Sells 8,574 Shares of Targa Resources Corp. (NYSE:TRGP)

Mariner LLC trimmed its holdings in Targa Resources Corp. (NYSE:TRGP) by 10.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,308 shares of the pipeline company’s stock after selling 8,574 shares during the period. Mariner LLC’s holdings in Targa Resources were worth $13,085,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Fisher Asset Management LLC raised its position in shares of Targa Resources by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after purchasing an additional 67 shares during the period. Mather Group LLC. boosted its holdings in Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock valued at $540,000 after acquiring an additional 68 shares during the period. Keybank National Association OH grew its position in shares of Targa Resources by 0.4% in the fourth 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 last quarter. Huntington National Bank increased its stake in shares of Targa Resources by 16.5% in the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company’s stock worth $99,000 after purchasing an additional 79 shares during the period. Finally, Catalina Capital Group LLC lifted its position in shares of Targa Resources by 3.9% during the 4th quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock worth $400,000 after purchasing an additional 85 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on TRGP. Royal Bank of Canada lifted their price target on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Barclays cut their target price on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Citigroup raised their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Truist Financial upped their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Finally, Mizuho lifted their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $210.64.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm’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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by corporate insiders.

Targa Resources Trading Up 1.0 %

Shares of Targa Resources stock opened at $174.48 on Friday. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The stock has a market capitalization of $37.97 billion, a P/E ratio of 30.40, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The company has a 50-day simple moving average of $189.42 and a 200 day simple moving average of $187.18. 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 posted its earnings results 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). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.28%. Targa Resources’s payout ratio is presently 69.69%.

Targa Resources 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.