Targa Resources Corp. (NYSE:TRGP) Shares Sold by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc cut its stake in Targa Resources Corp. (NYSE:TRGP) by 9.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 124,283 shares of the pipeline company’s stock after selling 13,226 shares during the period. Ensign Peak Advisors Inc owned approximately 0.06% of Targa Resources worth $22,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. FORA Capital LLC purchased a new position in Targa Resources during the fourth quarter worth about $203,000. Colonial Trust Co SC raised its position in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after buying an additional 162 shares during the period. Corigliano Investment Advisers LLC acquired a new position in Targa Resources in the fourth quarter valued at approximately $6,813,000. Covenant Partners LLC grew its position in Targa Resources by 100.0% in the fourth quarter. Covenant Partners LLC now owns 4,000 shares of the pipeline company’s stock worth $714,000 after acquiring an additional 2,000 shares during the period. Finally, Capitolis Liquid Global Markets LLC acquired a new stake in Targa Resources during the fourth quarter worth $24,276,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $159.51 on Friday. The stock’s 50-day moving average is $178.73 and its two-hundred day moving average is $188.13. 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 company 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 1-year low of $112.27 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share 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 firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Thursday, May 15th. Stockholders 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 dividend yield of 2.34%. Targa Resources’s dividend payout ratio (DPR) is currently 73.66%.

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’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 sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada lowered their price target on Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a report on Thursday. Truist Financial lifted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Mizuho reduced their price target on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Morgan Stanley increased their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Finally, Scotiabank cut their target price on 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. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $202.93.

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.