Forum Financial Management LP Sells 139 Shares of Targa Resources Corp. (NYSE:TRGP)

Forum Financial Management LP decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 2.8% during the 4th quarter, Holdings Channel reports. The firm owned 4,841 shares of the pipeline company’s stock after selling 139 shares during the quarter. Forum Financial Management LP’s holdings in Targa Resources were worth $864,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Nordea Investment Management AB boosted its position in shares of Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after purchasing an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC raised its stake in Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after buying an additional 5,431 shares during the period. Atomi Financial Group Inc. bought a new position in Targa Resources in the fourth quarter worth approximately $271,000. Segment Wealth Management LLC grew its stake in Targa Resources by 2,753.4% in the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock valued at $9,876,000 after acquiring an additional 53,389 shares during the period. Finally, Diversified Trust Co increased its holdings in shares of Targa Resources by 133.4% during the fourth quarter. Diversified Trust Co now owns 11,475 shares of the pipeline company’s stock valued at $2,048,000 after acquiring an additional 6,558 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $174.48 on Friday. 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 stock has a fifty day simple moving average of $188.84 and a two-hundred day simple moving average of $187.59. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. The firm has a market cap of $37.97 billion, a price-to-earnings ratio of 30.40, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.28%. Targa Resources’s dividend payout ratio (DPR) is currently 69.69%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent research reports. Wells Fargo & Company increased their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Truist Financial raised their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Barclays reduced their price objective on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Royal Bank of Canada upped their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Finally, Mizuho lifted their price target on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note 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 stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $210.64.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. 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 over the last quarter. Company insiders own 1.34% of the company’s stock.

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.