Barclays PLC Reduces Position in Targa Resources, Inc. $TRGP

Barclays PLC decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 13.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 647,921 shares of the pipeline company’s stock after selling 98,491 shares during the quarter. Barclays PLC’s holdings in Targa Resources were worth $119,541,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the 4th quarter worth $27,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the 4th quarter worth $31,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources in the 4th quarter worth $37,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources in the 4th quarter worth $42,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $262.31 on Tuesday. The stock has a 50-day simple moving average of $255.78 and a 200-day simple moving average of $223.89. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a market capitalization of $56.30 billion, a PE ratio of 26.52, a PEG ratio of 1.39 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TRGP shares. Morgan Stanley raised their target price on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Barclays raised their target price on Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. Wells Fargo & Company raised their target price on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. TD Cowen raised their target price on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Finally, Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Fifteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $269.21.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.37% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.