Steel Grove Capital Advisors LLC Sells 375 Shares of Targa Resources Corp. (NYSE:TRGP)

Steel Grove Capital Advisors LLC lessened its holdings in Targa Resources Corp. (NYSE:TRGP) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,812 shares of the pipeline company’s stock after selling 375 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Targa Resources were worth $1,037,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Atala Financial Inc acquired a new stake in shares of Targa Resources in the 4th quarter valued at $31,000. Rakuten Securities Inc. increased its holdings in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares in the last quarter. Mizuho Bank Ltd. bought a new position in shares of Targa Resources in the fourth quarter valued at approximately $36,000. Aspect Partners LLC grew its position in Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton increased its holdings in Targa Resources by 49.4% during the 4th 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. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TRGP. Wells Fargo & Company raised their target price on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Mizuho boosted their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Royal Bank of Canada raised their price target on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Scotiabank cut their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Finally, Truist Financial boosted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $210.64.

Targa Resources Stock Down 5.7 %

Shares of TRGP stock opened at $164.66 on Tuesday. The company has a market capitalization of $35.83 billion, a price-to-earnings 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. The firm has a fifty day moving average of $188.12 and a 200-day moving average of $187.86. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

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

Targa Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.29%. Targa Resources’s payout ratio is presently 69.69%.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is owned by corporate 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.