Hartford Investment Management Co. Trims Position in Targa Resources Corp. (NYSE:TRGP)

Hartford Investment Management Co. decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,592 shares of the pipeline company’s stock after selling 413 shares during the quarter. Hartford Investment Management Co.’s holdings in Targa Resources were worth $2,426,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TRGP. MML Investors Services LLC raised its holdings in Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after purchasing an additional 10,100 shares in the last quarter. Nordea Investment Management AB raised its stake in Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after buying an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC raised its stake in Targa Resources by 191.4% in the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after buying an additional 5,431 shares in the last quarter. Braun Stacey Associates Inc. bought a new stake in Targa Resources during the 3rd quarter valued at approximately $11,042,000. Finally, Atomi Financial Group Inc. bought a new stake in Targa Resources during the 4th quarter valued at approximately $271,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $204.22 on Friday. The company has a market cap of $44.53 billion, a price-to-earnings ratio of 36.93, a P/E/G ratio of 0.59 and a beta of 2.29. The business’s fifty day simple moving average is $193.53 and its two-hundred day simple moving average is $172.65. Targa Resources Corp. has a 12 month low of $87.92 and a 12 month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.47%. Targa Resources’s payout ratio is 54.25%.

Analyst Ratings Changes

TRGP has been the subject of a number of research analyst reports. UBS Group raised their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Wells Fargo & Company raised their price objective on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Morgan Stanley boosted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Truist Financial lowered their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Finally, Scotiabank started coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average target price of $189.21.

Targa Resources Company 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.