Massachusetts Financial Services Co. MA Sells 152,149 Shares of Targa Resources Corp. (NYSE:TRGP)

Massachusetts Financial Services Co. MA cut its position in shares of Targa Resources Corp. (NYSE:TRGP) by 9.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,496,569 shares of the pipeline company’s stock after selling 152,149 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Targa Resources were worth $267,138,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in TRGP. Groupama Asset Managment acquired a new position in shares of Targa Resources in the 4th quarter valued at $2,216,000. Trexquant Investment LP raised its position in Targa Resources by 2.2% in the fourth quarter. Trexquant Investment LP now owns 76,112 shares of the pipeline company’s stock worth $13,586,000 after purchasing an additional 1,629 shares in the last quarter. Geode Capital Management LLC raised its position in Targa Resources by 3.7% in 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 in the last quarter. Nemes Rush Group LLC acquired a new stake in Targa Resources during the fourth quarter valued at approximately $12,230,000. Finally, HighPoint Advisor Group LLC grew its stake in shares of Targa Resources by 10.8% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,523 shares of the pipeline company’s stock valued at $272,000 after purchasing an additional 148 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $180.68 on Friday. The firm has a market cap of $39.41 billion, a price-to-earnings ratio of 31.48, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a 50-day moving average price of $198.00 and a 200 day moving average price of $186.19.

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 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 business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Truist Financial boosted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Scotiabank reduced 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 note on Thursday, March 6th. Citigroup increased their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. 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 research report on Monday, March 3rd. Finally, Morgan Stanley raised their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $211.00.

Insider Transactions at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the 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 sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on 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 transaction, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 in the last three months. 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.