Targa Resources Corp. (NYSE:TRGP) Position Reduced by Clearbridge Investments LLC

Clearbridge Investments LLC lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 0.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 786,630 shares of the pipeline company’s stock after selling 5,550 shares during the period. Clearbridge Investments LLC’s holdings in Targa Resources were worth $140,413,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of TRGP. Atala Financial Inc bought a new stake in Targa Resources in the fourth quarter valued at about $31,000. Rakuten Securities Inc. raised its position in shares of Targa Resources by 394.6% during the 4th 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. Aspect Partners LLC lifted its stake in 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 during the last quarter. Rosenberg Matthew Hamilton lifted its stake in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in Targa Resources in the fourth quarter worth $49,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In other news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $568,957.74. This represents a 43.03 % 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 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 completion of the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 in the last ninety days. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $197.69 on Monday. The stock’s 50 day moving average price is $199.31 and its 200 day moving average price is $185.33. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a market cap of $43.12 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data 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). The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.52%. Targa Resources’s dividend payout ratio is currently 52.26%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TRGP. Royal Bank of Canada raised their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Truist Financial lifted 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. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Morgan Stanley boosted their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Finally, Mizuho raised their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $211.00.

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.