Targa Resources Corp. (NYSE:TRGP) Shares Sold by Barclays PLC

Barclays PLC reduced its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 9.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 935,952 shares of the pipeline company’s stock after selling 98,593 shares during the quarter. Barclays PLC owned 0.43% of Targa Resources worth $167,066,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TRGP. Virtu Financial LLC grew its holdings in Targa Resources by 39.4% during the 3rd quarter. Virtu Financial LLC now owns 8,447 shares of the pipeline company’s stock worth $1,250,000 after acquiring an additional 2,388 shares in the last quarter. Fulcrum Equity Management lifted its position in shares of Targa Resources by 7.1% during the third quarter. Fulcrum Equity Management now owns 3,135 shares of the pipeline company’s stock worth $464,000 after purchasing an additional 208 shares during the last quarter. Sanctuary Advisors LLC grew its stake in Targa Resources by 9.5% in the third quarter. Sanctuary Advisors LLC now owns 16,933 shares of the pipeline company’s stock worth $2,506,000 after purchasing an additional 1,463 shares in the last quarter. Sfmg LLC increased its holdings in Targa Resources by 3.3% in the third quarter. Sfmg LLC now owns 3,131 shares of the pipeline company’s stock valued at $463,000 after buying an additional 100 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Targa Resources during the third quarter valued at approximately $145,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 0.7 %

TRGP opened at $164.69 on Tuesday. The stock’s 50 day moving average price is $191.23 and its 200 day moving average price is $187.23. 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 market cap of $35.83 billion, a P/E ratio of 28.69, a P/E/G ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last issued 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). The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

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

Wall Street Analyst Weigh In

TRGP has been the subject of several research reports. Truist Financial lifted their target price on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Citigroup boosted their target price on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Morgan Stanley raised their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Finally, Wells Fargo & Company raised their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $210.64.

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 over the last three months. Corporate insiders own 1.39% of the company’s stock.

About Targa Resources

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.