Vanguard Group Inc. Sells 220,351 Shares of Targa Resources, Inc. $TRGP

Vanguard Group Inc. trimmed its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.8% in the fourth quarter, Holdings Channel reports. The fund owned 28,161,938 shares of the pipeline company’s stock after selling 220,351 shares during the quarter. Vanguard Group Inc. owned about 0.13% of Targa Resources worth $5,195,878,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares during the period. UBS Group AG boosted its holdings in Targa Resources by 9.9% during the third quarter. UBS Group AG now owns 2,360,311 shares of the pipeline company’s stock valued at $395,447,000 after acquiring an additional 212,887 shares during the period. Northern Trust Corp increased its position in Targa Resources by 4.1% during the third quarter. Northern Trust Corp now owns 2,175,544 shares of the pipeline company’s stock worth $364,491,000 after acquiring an additional 84,757 shares during the period. Chickasaw Capital Management LLC increased its position in Targa Resources by 0.5% during the fourth quarter. Chickasaw Capital Management LLC now owns 1,834,117 shares of the pipeline company’s stock worth $338,395,000 after acquiring an additional 8,559 shares during the period. Finally, Zimmer Partners LP increased its position in Targa Resources by 6.5% during the third quarter. Zimmer Partners LP now owns 1,326,850 shares of the pipeline company’s stock worth $222,300,000 after acquiring an additional 80,627 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TRGP has been the subject of several research reports. BMO Capital Markets reiterated an “outperform” rating and issued a $241.00 target price on shares of Targa Resources in a research note on Friday, February 20th. The Goldman Sachs Group raised their price objective on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Truist Financial raised their price objective on Targa Resources from $279.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Scotiabank raised their price objective on Targa Resources from $246.00 to $249.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Finally, Mizuho raised their price objective on Targa Resources from $207.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, March 19th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $259.93.

Targa Resources Stock Up 0.3%

NYSE TRGP opened at $241.41 on Tuesday. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The stock’s 50 day moving average is $239.10 and its two-hundred day moving average is $199.89. The company has a market capitalization of $51.85 billion, a price-to-earnings ratio of 28.10, a PEG ratio of 1.56 and a beta of 0.81. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $253.87.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. Equities analysts forecast that Targa Resources, Inc. will post 10.32 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. Targa Resources’s dividend payout ratio (DPR) is presently 58.21%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the sale, the insider directly owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lindsey Cooksen sold 435 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the transaction, the director directly owned 11,670 shares in the company, valued at $2,704,172.40. The trade was a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 104,929 shares of company stock valued at $24,692,134. Corporate insiders own 1.37% of the company’s stock.

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.