Mediolanum International Funds Ltd Sells 60,041 Shares of Targa Resources, Inc. $TRGP

Mediolanum International Funds Ltd cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 40.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 86,637 shares of the pipeline company’s stock after selling 60,041 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Targa Resources were worth $21,494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Olistico Wealth LLC bought a new position in Targa Resources during the 4th quarter valued at about $27,000. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources in the fourth quarter worth approximately $27,000. Miller Capital Partners Inc. bought a new stake in shares of Targa Resources in the fourth quarter worth approximately $30,000. Leonteq Securities AG purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $37,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Erste Group Bank initiated coverage on shares of Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. Truist Financial increased their price target on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday. Barclays increased their price target on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a report on Monday, July 13th. Finally, Morgan Stanley lifted their price objective on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $285.93.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $283.39 on Friday. The firm’s 50 day moving average price is $267.82 and its 200-day moving average price is $238.58. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $285.56. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The stock has a market capitalization of $60.83 billion, a PE ratio of 28.65, a price-to-earnings-growth ratio of 1.45 and a beta of 0.71.

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

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.37% of the stock is owned by corporate insiders.

About Targa Resources

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.