Targa Resources Corp. (NYSE:TRGP) Shares Sold by SCP Investment LP

SCP Investment LP trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 41.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,800 shares of the pipeline company’s stock after selling 2,000 shares during the quarter. SCP Investment LP’s holdings in Targa Resources were worth $500,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in TRGP. Fisher Asset Management LLC purchased a new position in Targa Resources in the third quarter worth $318,000. D.A. Davidson & CO. increased its holdings in shares of Targa Resources by 8.8% in the 3rd quarter. D.A. Davidson & CO. now owns 4,952 shares of the pipeline company’s stock valued at $733,000 after purchasing an additional 402 shares in the last quarter. Townsquare Capital LLC acquired a new stake in shares of Targa Resources in the third quarter valued at about $329,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Targa Resources during the third quarter worth about $1,408,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Targa Resources by 26.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,852 shares of the pipeline company’s stock valued at $6,195,000 after buying an additional 8,848 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.7 %

Shares of NYSE:TRGP opened at $197.69 on Friday. 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 firm has a market cap of $43.12 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 0.61 and a beta of 2.32. The stock’s 50-day moving average price is $199.31 and its two-hundred day moving average price is $185.04. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last released its 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 company had revenue of $4.41 billion during 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%. On average, research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.52%. Targa Resources’s dividend payout ratio is presently 52.26%.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research reports. Truist Financial upped their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Barclays raised their target price on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Finally, Royal Bank of Canada upped their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $211.00.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by corporate insiders.

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.