Targa Resources Corp. (NYSE:TRGP) Position Trimmed by Brooklyn Investment Group

Brooklyn Investment Group trimmed its stake in Targa Resources Corp. (NYSE:TRGP) by 6.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,748 shares of the pipeline company’s stock after selling 125 shares during the quarter. Brooklyn Investment Group’s holdings in Targa Resources were worth $312,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP grew its stake in Targa Resources by 4.4% in 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 purchasing an additional 633,589 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Targa Resources during the 2nd quarter valued at about $72,345,000. National Bank of Canada FI grew its stake in shares of Targa Resources by 75.4% in the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after buying an additional 259,776 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Targa Resources by 599.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after buying an additional 246,762 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in Targa Resources by 14,163.5% during the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after acquiring an additional 202,822 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on TRGP shares. Truist Financial decreased their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. The Goldman Sachs Group increased their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. UBS Group boosted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Morgan Stanley raised their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Stifel Nicolaus upped their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. One equities research 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, the company presently has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Performance

NYSE:TRGP opened at $216.00 on Friday. The firm’s 50-day moving average is $191.56 and its 200-day moving average is $163.72. The company has a market cap of $47.10 billion, a price-to-earnings ratio of 39.06, a PEG ratio of 0.59 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $217.02.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the company posted $0.97 earnings per share. Equities research analysts anticipate that Targa Resources Corp. will post 6.4 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.39%. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.44% of the company’s stock.

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.