Targa Resources Corp. (NYSE:TRGP) Stock Holdings Lessened by Point72 Europe London LLP

Point72 Europe London LLP reduced its stake in Targa Resources Corp. (NYSE:TRGP) by 11.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 78,786 shares of the pipeline company’s stock after selling 10,277 shares during the period. Point72 Europe London LLP’s holdings in Targa Resources were worth $14,063,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital Investment Advisors LLC raised its holdings in Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after buying an additional 5,431 shares in the last quarter. Atomi Financial Group Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $271,000. Segment Wealth Management LLC grew its holdings in Targa Resources by 2,753.4% during the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock valued at $9,876,000 after purchasing an additional 53,389 shares during the period. Czech National Bank raised its stake in shares of Targa Resources by 5.9% during the 4th quarter. Czech National Bank now owns 47,281 shares of the pipeline company’s stock worth $8,440,000 after purchasing an additional 2,653 shares in the last quarter. Finally, Affinity Wealth Management LLC boosted its holdings in shares of Targa Resources by 117.4% during the fourth quarter. Affinity Wealth Management LLC now owns 5,341 shares of the pipeline company’s stock worth $953,000 after acquiring an additional 2,884 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. This trade represents a 43.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TRGP has been the topic of a number of research reports. Barclays reduced their price objective on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Truist Financial lifted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Wells Fargo & Company increased 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. The Goldman Sachs Group cut their target price on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Finally, Scotiabank decreased their target price on Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a research report on Tuesday, April 29th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $202.93.

Targa Resources Price Performance

Shares of TRGP opened at $168.77 on Thursday. The company has a market cap of $36.61 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 0.61 and a beta of 1.22. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company’s fifty day simple moving average is $177.82 and its 200 day simple moving average is $188.01. Targa Resources Corp. has a 1-year low of $113.65 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be paid a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources’s payout ratio is 73.66%.

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.