Duff & Phelps Investment Management Co. Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Duff & Phelps Investment Management Co. cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 7.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 557,198 shares of the pipeline company’s stock after selling 47,446 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Targa Resources were worth $99,460,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of TRGP. New Age Alpha Advisors LLC bought a new stake in Targa Resources in the fourth quarter worth $73,000. Norges Bank purchased a new position in Targa Resources in the fourth quarter valued at about $505,132,000. Blair William & Co. IL raised its holdings in shares of Targa Resources by 6.2% in the fourth quarter. Blair William & Co. IL now owns 19,416 shares of the pipeline company’s stock worth $3,466,000 after buying an additional 1,126 shares during the last quarter. Loomis Sayles & Co. L P purchased a new position in shares of Targa Resources during the 4th quarter valued at about $74,000. Finally, NEOS Investment Management LLC grew its holdings in Targa Resources by 28.9% in the fourth quarter. NEOS Investment Management LLC now owns 11,094 shares of the pipeline company’s stock valued at $1,980,000 after purchasing an additional 2,484 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $198.97 on Friday. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The firm has a market capitalization of $43.40 billion, a P/E ratio of 34.66, a P/E/G ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a fifty day moving average price of $199.68 and a two-hundred day moving average price of $184.39.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. As a group, analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.51%. Targa Resources’s dividend payout ratio is currently 52.26%.

Analysts Set New Price Targets

A number of analysts have issued reports on TRGP shares. Truist Financial boosted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Mizuho upped their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Wells Fargo & Company upped their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Morgan Stanley increased their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Finally, The Goldman Sachs Group raised their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $211.00.

Targa Resources Company 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.