Morningstar Investment Management LLC Cuts Stake in Targa Resources Corp. (NYSE:TRGP)

Morningstar Investment Management LLC lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 49.6% during the 4th quarter, Holdings Channel reports. The firm owned 6,837 shares of the pipeline company’s stock after selling 6,727 shares during the period. Morningstar Investment Management LLC’s holdings in Targa Resources were worth $1,220,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in TRGP. DT Investment Partners LLC bought a new position in shares of Targa Resources during the 3rd quarter valued at about $29,000. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the third quarter worth about $35,000. Rosenberg Matthew Hamilton lifted its position 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 worth $48,000 after buying an additional 89 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in Targa Resources during the fourth quarter valued at approximately $49,000. Finally, UMB Bank n.a. grew its holdings in Targa Resources by 39.6% during the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after buying an additional 106 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent research reports. Truist Financial decreased their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Barclays upped their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Scotiabank started coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective for the company. UBS Group upped their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One research 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $189.21.

Targa Resources Trading Up 0.4 %

Shares of TRGP opened at $210.19 on Thursday. 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 firm has a market capitalization of $45.83 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 0.62 and a beta of 2.29. The company has a 50-day moving average of $194.72 and a 200 day moving average of $174.96. Targa Resources Corp. has a 1-year low of $95.28 and a 1-year high of $218.51.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.43%. Targa Resources’s payout ratio is 54.25%.

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.