Chevy Chase Trust Holdings LLC Sells 3,036 Shares of Targa Resources Corp. (NYSE:TRGP)

Chevy Chase Trust Holdings LLC trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 2.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 114,430 shares of the pipeline company’s stock after selling 3,036 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Targa Resources worth $20,426,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. MML Investors Services LLC increased its stake in shares of Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after buying an additional 10,100 shares during the period. Nordea Investment Management AB increased its stake in shares of Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after buying an additional 13,167 shares during the period. Capital Investment Advisors LLC increased its stake in shares of Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after buying an additional 5,431 shares during the period. Braun Stacey Associates Inc. purchased a new position in shares of Targa Resources during the third quarter valued at $11,042,000. Finally, Atomi Financial Group Inc. purchased a new position in shares of Targa Resources during the fourth quarter valued at $271,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $205.51 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market cap of $44.81 billion, a PE ratio of 37.16, a P/E/G ratio of 0.59 and a beta of 2.29. The business has a 50-day simple moving average of $193.87 and a two-hundred day simple moving average of $173.65. Targa Resources Corp. has a fifty-two week low of $88.50 and a fifty-two week high of $218.51.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TRGP. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Morgan Stanley raised their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Royal Bank of Canada raised their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Scotiabank assumed coverage on Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. Finally, UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $189.21.

Targa Resources Profile

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.