Targa Resources Corp. (NYSE:TRGP) Shares Sold by APG Asset Management N.V.

APG Asset Management N.V. reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 19.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,439 shares of the pipeline company’s stock after selling 2,519 shares during the quarter. APG Asset Management N.V.’s holdings in Targa Resources were worth $1,799,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Targa Resources by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock worth $4,848,169,000 after acquiring an additional 150,038 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Targa Resources by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock worth $1,056,187,000 after purchasing an additional 212,986 shares during the period. Norges Bank bought a new position in Targa Resources in the fourth quarter worth about $505,132,000. GQG Partners LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $393,335,000. Finally, Amundi lifted its stake in Targa Resources by 20.9% in the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock valued at $353,469,000 after buying an additional 318,261 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Morgan Stanley upped their price target 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. Truist Financial lifted their target price on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Finally, Citigroup upped their target price on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $210.64.

Targa Resources Stock Performance

TRGP opened at $163.27 on Friday. The stock has a 50-day moving average of $192.02 and a 200-day moving average of $186.83. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The company has a market cap of $35.52 billion, a PE ratio of 28.44, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75.

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

Targa Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, April 28th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.29%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources 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 sale, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 over the last three months. 1.39% of the stock is currently owned by insiders.

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.