Cynosure Group LLC Has $616,000 Position in Targa Resources Corp. (NYSE:TRGP)

Cynosure Group LLC decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 26.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,453 shares of the pipeline company’s stock after selling 1,234 shares during the period. Cynosure Group LLC’s holdings in Targa Resources were worth $616,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in Targa Resources in the fourth quarter worth about $505,132,000. GQG Partners LLC acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $393,335,000. Raymond James Financial Inc. acquired a new stake in Targa Resources in the 4th quarter valued at $150,372,000. TD Asset Management Inc. raised its stake in Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after acquiring an additional 825,267 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after acquiring an additional 633,589 shares during the period. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TRGP has been the subject of several recent analyst reports. Barclays raised their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Truist Financial lifted their price objective 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 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. Royal Bank of Canada raised their target price on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Finally, Scotiabank decreased their price objective on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $211.00.

Targa Resources Trading Up 1.3 %

NYSE TRGP opened at $203.16 on Wednesday. The stock’s 50-day moving average is $198.72 and its 200-day moving average is $186.09. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. 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 firm has a market cap of $44.31 billion, a P/E ratio of 35.39, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last released 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). The company 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%. Sell-side analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. Targa Resources’s payout ratio is presently 52.26%.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction that occurred on 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 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the 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 directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is owned by insiders.

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.