Edge Capital Group LLC Sells 2,778 Shares of Targa Resources Corp. (NYSE:TRGP)

Edge Capital Group LLC lowered its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,181 shares of the pipeline company’s stock after selling 2,778 shares during the period. Targa Resources makes up 1.4% of Edge Capital Group LLC’s investment portfolio, making the stock its 17th largest holding. Edge Capital Group LLC’s holdings in Targa Resources were worth $26,986,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Sequoia Financial Advisors LLC lifted its stake in shares of Targa Resources by 21.6% in the third quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the pipeline company’s stock worth $679,000 after buying an additional 815 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Targa Resources by 14,163.5% during the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after purchasing an additional 202,822 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Targa Resources by 36.2% during the third quarter. Assenagon Asset Management S.A. now owns 74,841 shares of the pipeline company’s stock valued at $11,077,000 after purchasing an additional 19,902 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of Targa Resources by 3.5% during the third quarter. Ballentine Partners LLC now owns 3,529 shares of the pipeline company’s stock valued at $522,000 after purchasing an additional 118 shares during the last quarter. Finally, Trueblood Wealth Management LLC purchased a new position in shares of Targa Resources during the third quarter valued at approximately $202,000. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on TRGP. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Truist Financial reduced their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Finally, Barclays increased their price objective on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $203.77.

Targa Resources Trading Down 1.9 %

TRGP stock opened at $200.89 on Monday. The company has a market capitalization of $43.81 billion, a PE ratio of 35.00, a P/E/G ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a 12 month low of $95.88 and a 12 month high of $218.51. The firm’s 50-day moving average is $195.91 and its 200 day moving average is $176.23. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 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 business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. On average, research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

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.