Targa Resources Corp. (NYSE:TRGP) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its position in Targa Resources Corp. (NYSE:TRGP) by 73.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 14,591 shares of the pipeline company’s stock after selling 41,075 shares during the period. Cresset Asset Management LLC’s holdings in Targa Resources were worth $2,604,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Fisher Asset Management LLC boosted its holdings in shares of Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after purchasing an additional 67 shares during the last quarter. Mather Group LLC. boosted its stake in Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after buying an additional 68 shares during the last quarter. Keybank National Association OH grew its holdings in Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after buying an additional 70 shares in the last quarter. Baker Avenue Asset Management LP increased its stake in shares of Targa Resources by 0.8% in the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company’s stock worth $1,648,000 after acquiring an additional 74 shares during the last quarter. Finally, Huntington National Bank raised its holdings in shares of Targa Resources by 16.5% during the 4th quarter. Huntington National Bank now owns 557 shares of the pipeline company’s stock worth $99,000 after acquiring an additional 79 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the firm’s 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 sale, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TRGP. Wells Fargo & Company upped 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, February 21st. Citigroup dropped their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research note on Friday. Scotiabank reduced their price target on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, April 29th. Truist Financial increased their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Finally, Barclays reduced their target price on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $202.93.

Targa Resources Price Performance

TRGP opened at $159.51 on Friday. The firm has a market cap of $34.71 billion, a price-to-earnings ratio of 27.79, a PEG ratio of 0.61 and a beta of 1.22. 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’s 50-day moving average price is $178.73 and its 200 day moving average price is $187.98. Targa Resources Corp. has a 12-month low of $112.27 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. As a group, sell-side analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources’s payout ratio is currently 73.66%.

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.