Clearbridge Investments LLC Raises Stock Holdings in Targa Resources, Inc. $TRGP

Clearbridge Investments LLC lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 11.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 839,528 shares of the pipeline company’s stock after acquiring an additional 86,578 shares during the quarter. Clearbridge Investments LLC’s holdings in Targa Resources were worth $154,893,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TRGP. Olistico Wealth LLC purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Leonteq Securities AG bought a new position in Targa Resources during the fourth quarter valued at $31,000. Godfrey Financial Associates Inc. bought a new position in Targa Resources during the fourth quarter valued at $37,000. Finally, Eagle Bay Advisors LLC bought a new position in Targa Resources during the fourth quarter valued at $42,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.37% of the stock is owned by insiders.

Targa Resources Price Performance

Targa Resources stock opened at $264.19 on Monday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00. The business has a fifty day moving average price of $253.46 and a 200-day moving average price of $219.78. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market capitalization of $56.71 billion, a P/E ratio of 26.71, a PEG ratio of 1.35 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. As a group, equities research analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were issued a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio is 50.56%.

Analysts Set New Price Targets

TRGP has been the subject of several research reports. BMO Capital Markets reissued an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a report on Friday, May 8th. Royal Bank Of Canada reissued an “outperform” rating and set a $281.00 price objective on shares of Targa Resources in a report on Tuesday, May 12th. Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Finally, Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Fifteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $269.21.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.