Targa Resources Corp. (NYSE:TRGP) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its stake in Targa Resources Corp. (NYSE:TRGP) by 25.4% in the 4th quarter, Holdings Channel reports. The firm owned 938,246 shares of the pipeline company’s stock after selling 319,367 shares during the quarter. JPMorgan Chase & Co.’s holdings in Targa Resources were worth $167,477,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TRGP. Atala Financial Inc purchased a new position in shares of Targa Resources in the fourth quarter valued at $31,000. Rakuten Securities Inc. increased its holdings in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 146 shares in the last quarter. Aspect Partners LLC increased its holdings in Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton lifted its holdings 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 valued at $48,000 after purchasing an additional 89 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $49,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $203.16 on Wednesday. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $44.31 billion, a P/E ratio of 35.39, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The stock has a 50 day moving average of $198.72 and a 200-day moving average of $186.09.

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

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.48%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were 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 owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now 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. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last quarter. 1.39% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays lifted their price objective on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Wells Fargo & Company upped their price objective on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Mizuho increased their price objective on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Morgan Stanley upped their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Finally, Truist Financial lifted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price 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.