Great Lakes Advisors LLC Trims Position in Targa Resources Corp. (NYSE:TRGP)

Great Lakes Advisors LLC decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 29.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,857 shares of the pipeline company’s stock after selling 15,787 shares during the period. Great Lakes Advisors LLC’s holdings in Targa Resources were worth $6,757,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in TRGP. EverSource Wealth Advisors LLC lifted its position in Targa Resources by 17.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,796 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 268 shares during the period. Sequoia Financial Advisors LLC raised its stake in shares of Targa Resources by 4.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,790 shares of the pipeline company’s stock worth $855,000 after purchasing an additional 200 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Targa Resources by 0.4% during the fourth quarter. HighTower Advisors LLC now owns 375,115 shares of the pipeline company’s stock worth $66,958,000 after purchasing an additional 1,355 shares during the period. Moors & Cabot Inc. purchased a new position in Targa Resources in the 4th quarter valued at $234,000. Finally, AGF Management Ltd. acquired a new position in Targa Resources in the 4th quarter valued at $1,359,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. UBS Group boosted their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Truist Financial reduced their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Finally, Royal Bank of Canada upped their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $206.43.

Targa Resources Trading Down 2.5 %

NYSE:TRGP opened at $182.36 on Friday. Targa Resources Corp. has a 52-week low of $104.89 and a 52-week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a fifty day simple moving average of $198.98 and a 200-day simple moving average of $180.78. The company has a market capitalization of $39.77 billion, a PE ratio of 31.77, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. On average, equities research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.65%. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of Targa Resources 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 approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % 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 over the last three months. 1.44% of the stock is currently owned by corporate 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.