Picton Mahoney Asset Management Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Picton Mahoney Asset Management trimmed its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 42.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,419 shares of the pipeline company’s stock after selling 53,745 shares during the period. Picton Mahoney Asset Management’s holdings in Targa Resources were worth $6,203,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Wellington Management Group LLP grew its stake in Targa Resources by 5.1% during the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after acquiring an additional 401,144 shares in the last quarter. Deutsche Bank AG grew its stake in Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after acquiring an additional 3,720,270 shares in the last quarter. Morgan Stanley grew its stake in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after acquiring an additional 524,794 shares in the last quarter. Jennison Associates LLC grew its stake in Targa Resources by 1.6% during the third quarter. Jennison Associates LLC now owns 2,487,507 shares of the pipeline company’s stock valued at $213,229,000 after acquiring an additional 39,143 shares in the last quarter. Finally, FMR LLC grew its stake in Targa Resources by 3.2% during the third quarter. FMR LLC now owns 2,431,326 shares of the pipeline company’s stock valued at $208,413,000 after acquiring an additional 74,310 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Down 0.3 %

Shares of Targa Resources stock traded down $0.38 during trading on Wednesday, hitting $112.45. The stock had a trading volume of 1,119,438 shares, compared to its average volume of 1,719,833. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The firm’s fifty day simple moving average is $110.94 and its 200-day simple moving average is $95.46. The stock has a market cap of $24.93 billion, a PE ratio of 23.14 and a beta of 2.19. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.72 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a $0.75 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.67%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is presently 61.73%.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total transaction of $973,100.00. Following the completion of the sale, the insider now directly owns 219,451 shares in the company, valued at approximately $21,354,776.81. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock valued at $7,987,215 in the last 90 days. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on TRGP. Royal Bank of Canada raised their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Truist Financial increased their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Scotiabank increased their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Finally, UBS Group lowered their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.92.

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.