OneAscent Financial Services LLC Trims Holdings in Targa Resources Corp. (NYSE:TRGP)

OneAscent Financial Services LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 23.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,505 shares of the pipeline company’s stock after selling 771 shares during the quarter. OneAscent Financial Services LLC’s holdings in Targa Resources were worth $447,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Atala Financial Inc bought a new position in Targa Resources during the 4th quarter worth approximately $31,000. Rakuten Securities Inc. raised its position in shares of Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 146 shares in the last quarter. Aspect Partners LLC lifted its stake in Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 130 shares during the last quarter. Rosenberg Matthew Hamilton boosted its holdings in 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 purchasing an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC bought a new stake in Targa Resources during the fourth quarter valued at $49,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent research reports. Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Royal Bank of Canada lifted their target price on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Truist Financial increased their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Scotiabank lowered their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Finally, Wells Fargo & Company increased their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $211.00.

Insider Activity at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last 90 days. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Down 12.2 %

Targa Resources stock opened at $180.68 on Friday. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The stock 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. The company’s 50-day moving average price is $198.00 and its two-hundred day moving average price is $186.19. The company has a current ratio of 0.77, a quick ratio of 0.61 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 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company 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%. On average, analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Targa Resources 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.