Veriti Management LLC reduced its stake in shares of Targa Resources Corp. (NYSE: TRGP – Get Rating) by 12.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,109 shares of the pipeline company stock after selling 575 shares during the period. Veriti Management LLC’s holdings in Targa Resources were worth $ 310,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in Targa Resources by 7.3% in the 4th quarter. BlackRock Inc. now owns 21,959,815 shares of the pipeline company stock valued at $ 1,147,183,000 after purchasing an additional 1,499,300 shares during the last quarter. State Street Corp boosted its holdings in Targa Resources by 2.7% in the 4th quarter. State Street Corp now owns 6,850,674 shares of the pipeline company stock worth $ 357,879,000 after acquiring an additional 178,633 shares during the period. Invesco Ltd. boosted its holdings in Targa Resources by 5.4% in the 4th quarter. Invesco Ltd. now owns 5,546,511 shares of the pipeline company stock worth $ 289,751,000 after acquiring an additional 286,421 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Targa Resources by 0.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,977,210 shares of the pipeline company stock worth $ 103,289,000 after acquiring an additional 13,902 shares during the period. Finally, Duff & Phelps Investment Management Co. boosted its stake in shares of Targa Resources by 11.0% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 1,569,301 shares of the pipeline company stock valued at $ 81,980,000 after buying an additional 156,041 shares during the last quarter. Institutional investors own 91.93% of the company stock.
Shares of NYSE TRGP opened at $ 58.14 on Friday. Targa Resources Corp. has a one year low of $ 38.81 and a one year high of $ 81.50. The firm has a market capitalization of $ 13.26 billion, a PE ratio of -100.24 and a beta of 2.53. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 1.73. The business has a 50-day moving average price of $ 71.46 and a two-hundred day moving average price of $ 65.70.
Targa Resources (NYSE: TRGP – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The pipeline company reported $ 0.06 EPS for the quarter, missing analysts’ consensus estimates of $ 0.89 by ($ 0.83). Targa Resources had a positive return on equity of 8.24% and a negative net margin of 0.22%. The business had revenue of $ 4.96 billion for the quarter, compared to analyst estimates of $ 6.07 billion. During the same quarter in the previous year, the business posted $ 0.53 earnings per share. Research analysts anticipate that Targa Resources Corp. will post 3.72 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 16th. Shareholders of record on Friday, April 29th were given a dividend of $ 0.35 per share. This represents a $ 1.40 dividend on an annualized basis and a yield of 2.41%. Targa Resources’s payout ratio is presently -241.38%.
In other news, Director Joe Bob Perkins sold 2,150 shares of the firm’s stock in a transaction dated Tuesday, April 12th. The stock was sold at an average price of $ 78.01, for a total transaction of $ 167,721.50. Following the completion of the sale, the director now directly owns 213,868 shares of the company stock, valued at approximately $ 16,683,842.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $ 80.10, for a total value of $ 801,000.00. Following the sale, the insider now directly owns 186,947 shares of the company stock, valued at $ 14,974,454.70. The disclosure for this sale can be found here. Insiders have sold a total of 63,662 shares of company stock valued at $ 4,847,249 over the last 90 days. Corporate insiders own 1.10% of the company stock.
Several research firms recently issued reports on TRGP. Truist Financial upped their price target on Targa Resources from $ 69.00 to $ 78.00 in a research report on Wednesday, March 2nd. Mizuho raised Targa Resources from a “neutral” rating to a “buy” rating and raised their price target for the company from $ 58.00 to $ 85.00 in a report on Friday, March 18th. Wells Fargo & Company lowered their price target on Targa Resources to $ 83.00 and set an “overweight” rating on the stock in a report on Friday, May 20th. Raymond James raised their price target on Targa Resources from $ 80.00 to $ 92.00 and gave the company a “strong-buy” rating in a report on Wednesday, April 20th. Finally, Morgan Stanley raised their price target on Targa Resources from $ 74.00 to $ 103.00 and gave the company an “overweight” rating in a report on Tuesday, April 26th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $ 77.00.
About Targa Resources: (Get Rating)
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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, purchasing, storing, terminaling, and selling crude oil.
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