Sit Investment Associates Inc. Trims Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Sit Investment Associates Inc. trimmed its holdings in Targa Resources Corp. (NYSE:TRGP) by 23.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,925 shares of the pipeline company’s stock after selling 2,985 shares during the period. Sit Investment Associates Inc.’s holdings in Targa Resources were worth $1,772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the business. Mizuho Bank Ltd. acquired a new position in Targa Resources in the fourth quarter valued at $36,000. Resona Asset Management Co. Ltd. purchased a new position in shares of Targa Resources during the fourth quarter worth about $12,389,000. Prudential PLC increased its position in Targa Resources by 170.0% in the 4th quarter. Prudential PLC now owns 7,106 shares of the pipeline company’s stock valued at $1,268,000 after acquiring an additional 4,474 shares during the period. ExodusPoint Capital Management LP raised its stake in Targa Resources by 8.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 177,036 shares of the pipeline company’s stock valued at $31,601,000 after acquiring an additional 13,549 shares during the last quarter. Finally, World Investment Advisors acquired a new stake in Targa Resources during the 4th quarter worth approximately $288,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Scotiabank cut their price target 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. Mizuho upped their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Truist Financial lifted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Barclays boosted their price target on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Finally, Morgan Stanley raised their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. 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’s stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average target price of $211.00.

Targa Resources Stock Performance

NYSE TRGP opened at $160.64 on Monday. The business has a 50 day moving average price of $197.03 and a 200 day moving average price of $186.74. 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 company has a market capitalization of $34.95 billion, a P/E ratio of 27.99, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.87%. Targa Resources’s dividend payout ratio is presently 52.26%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 in the last ninety days. Corporate insiders own 1.39% of the company’s stock.

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.