Targa Resources, Inc. $TRGP Shares Sold by Infrastructure Capital Advisors LLC

Infrastructure Capital Advisors LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 17.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 89,477 shares of the pipeline company’s stock after selling 19,404 shares during the period. Targa Resources makes up approximately 1.6% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 18th largest holding. Infrastructure Capital Advisors LLC’s holdings in Targa Resources were worth $16,509,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Targa Resources by 1.5% during the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after purchasing an additional 422,075 shares during the period. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares during the period. State Street Corp increased its holdings in shares of Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after purchasing an additional 162,878 shares during the period. Geode Capital Management LLC increased its holdings in shares of Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the period. Finally, Norges Bank acquired a new position in shares of Targa Resources during the fourth quarter valued at $735,758,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Trading Up 0.4%

NYSE:TRGP opened at $260.71 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00. The firm has a market capitalization of $55.96 billion, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 1.33 and a beta of 0.72. The stock has a fifty day simple moving average of $256.38 and a 200 day simple moving average of $225.11.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a $1.25 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio is 50.56%.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.37% of the stock is owned by company insiders.

Analyst Ratings Changes

TRGP has been the topic of a number of research analyst reports. Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Truist Financial raised their price target on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. BMO Capital Markets reaffirmed an “outperform” rating and set a $241.00 target price on shares of Targa Resources in a report on Friday, February 20th. Finally, The Goldman Sachs Group lifted their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Fifteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $269.21.

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.