Targa Resources, Inc. $TRGP Stake Lessened by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lessened its holdings in Targa Resources, Inc. (NYSE:TRGP) by 5.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,998 shares of the pipeline company’s stock after selling 10,229 shares during the period. Exchange Traded Concepts LLC owned about 0.08% of Targa Resources worth $30,996,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Olistico Wealth LLC purchased a new stake in Targa Resources in the 4th quarter worth about $27,000. Peoples Financial Services CORP. acquired a new position in shares of Targa Resources in the 3rd quarter valued at about $34,000. Root Financial Partners LLC purchased a new stake in shares of Targa Resources in the third quarter worth approximately $39,000. Avion Wealth boosted its holdings in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after purchasing an additional 228 shares during the period. Finally, First Horizon Corp acquired a new stake in shares of Targa Resources during the third quarter worth approximately $47,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

TRGP stock opened at $250.57 on Friday. The firm has a 50 day moving average of $223.17 and a two-hundred day moving average of $188.41. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $253.40. The company has a market capitalization of $53.86 billion, a price-to-earnings ratio of 29.17, a P/E/G ratio of 1.64 and a beta of 0.84. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. As a group, equities analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 46.57%.

Analyst Ratings Changes

Several research analysts have weighed in on TRGP shares. Wells Fargo & Company upped their price objective on shares of Targa Resources from $248.00 to $264.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. TD Cowen upped their price target on shares of Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Stifel Nicolaus increased their price objective on Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Morgan Stanley lifted their price objective on Targa Resources from $266.00 to $298.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Citigroup upped their target price on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $252.57.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 17,500 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the sale, the insider directly owned 31,938 shares in the company, valued at approximately $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick J. Mcdonie sold 31,537 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the sale, the insider directly owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 104,929 shares of company stock valued at $24,692,134. 1.34% of the stock is owned by corporate insiders.

Targa Resources 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.