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

Ethic Inc. cut its position in Targa Resources Corp. (NYSE:TRGP) by 13.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,341 shares of the pipeline company’s stock after selling 7,701 shares during the quarter. Ethic Inc.’s holdings in Targa Resources were worth $9,164,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after acquiring an additional 150,038 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock valued at $1,056,187,000 after purchasing an additional 212,986 shares during the period. Norges Bank acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD increased its stake in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after buying an additional 53,853 shares during the period. Finally, GQG Partners LLC acquired a new stake in Targa Resources during the 4th quarter worth approximately $393,335,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 0.3 %

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 price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 52 week low of $112.27 and a 52 week high of $218.51. The business’s 50 day moving average is $178.73 and its two-hundred day moving average is $187.98. 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 results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. On average, research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

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

Insider Activity

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The transaction 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 that occurred 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 directly owns 82,139 shares of the company’s stock, valued at $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 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TRGP shares. Citigroup cut their price objective on Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research report on Friday. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Scotiabank lowered their price objective on Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a research report on Tuesday, April 29th. The Goldman Sachs Group reduced their target price on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Finally, Mizuho lowered their price target on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $202.93.

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.