Targa Resources Corp. (NYSE:TRGP) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. trimmed its stake in Targa Resources Corp. (NYSE:TRGP) by 7.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 123,730 shares of the pipeline company’s stock after selling 10,477 shares during the period. Prudential Financial Inc.’s holdings in Targa Resources were worth $22,086,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Atala Financial Inc purchased a new position in Targa Resources in the 4th quarter worth about $31,000. Rakuten Securities Inc. increased its position in shares of Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after acquiring an additional 146 shares in the last quarter. Aspect Partners LLC increased its position in shares of Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton raised its holdings in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $49,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated 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 transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Targa Resources Stock Performance

TRGP stock opened at $201.91 on Thursday. The firm has a 50 day moving average of $199.95 and a two-hundred day moving average of $184.28. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The company has a market capitalization of $44.04 billion, a price-to-earnings ratio of 35.18, a P/E/G ratio of 0.61 and a beta of 2.32. 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 issued 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 return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. As a group, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

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.