Patton Fund Management Inc. decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP – Free Report) by 13.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,433 shares of the pipeline company’s stock after selling 3,823 shares during the quarter. Patton Fund Management Inc.’s holdings in Targa Resources were worth $4,540,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. DT Investment Partners LLC bought a new stake in Targa Resources during the 3rd quarter valued at approximately $29,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the second quarter worth approximately $29,000. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the third quarter valued at approximately $35,000. Rosenberg Matthew Hamilton grew its stake in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after acquiring an additional 89 shares during the last quarter. Finally, UMB Bank n.a. increased its position in Targa Resources by 39.6% during the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after acquiring an additional 106 shares during the period. Institutional investors own 92.13% of the company’s stock.
Insider Buying and Selling at Targa Resources
In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.
Targa Resources Stock Up 1.7 %
Targa Resources (NYSE:TRGP – Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the firm posted $0.97 EPS. On average, equities analysts predict that Targa Resources Corp. will post 6.42 EPS for the current fiscal year.
Targa Resources Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Friday, January 31st. Targa Resources’s payout ratio is 54.25%.
Wall Street Analyst Weigh In
TRGP has been the subject of several analyst reports. UBS Group raised their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Wells Fargo & Company increased their target price on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Truist Financial cut their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Finally, Stifel Nicolaus increased their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $189.21.
View Our Latest Research Report on Targa Resources
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.
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