Verition Fund Management LLC Sells 32,489 Shares of Targa Resources, Inc. $TRGP

Verition Fund Management LLC lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 20.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 123,417 shares of the pipeline company’s stock after selling 32,489 shares during the period. Verition Fund Management LLC owned approximately 0.06% of Targa Resources worth $22,770,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Olistico Wealth LLC bought a new position in Targa Resources during the fourth quarter valued at about $27,000. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $27,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $31,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $37,000. Finally, Eagle Bay Advisors LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $42,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 0.1%

Shares of TRGP opened at $272.31 on Monday. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company has a market cap of $58.45 billion, a price-to-earnings ratio of 27.53, a PEG ratio of 1.39 and a beta of 0.72. The stock has a fifty day moving average price of $255.42 and a two-hundred day moving average price of $223.24. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is currently 50.56%.

Analysts Set New Price Targets

A number of brokerages recently commented on TRGP. TD Cowen upped their target price on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research note on Monday, May 11th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Mizuho boosted their price target on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. UBS Group increased their price objective on shares of Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Finally, Barclays lifted their target price on shares of Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. Fifteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $269.21.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.37% of the company’s stock.

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.