Targa Resources Corp. (NYSE:TRGP) Position Trimmed by Franklin Resources Inc.

Franklin Resources Inc. reduced its holdings in Targa Resources Corp. (NYSE:TRGP) by 49.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 266,676 shares of the pipeline company’s stock after selling 257,660 shares during the quarter. Franklin Resources Inc.’s holdings in Targa Resources were worth $47,602,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Townsquare Capital LLC bought a new position in Targa Resources in the third quarter worth about $329,000. Centiva Capital LP bought a new stake in shares of Targa Resources in the 3rd quarter worth approximately $1,039,000. Hilltop Holdings Inc. acquired a new position in Targa Resources during the 3rd quarter valued at approximately $277,000. Janus Henderson Group PLC grew its stake in Targa Resources by 0.4% during the 3rd quarter. Janus Henderson Group PLC now owns 25,300 shares of the pipeline company’s stock worth $3,744,000 after buying an additional 108 shares during the last quarter. Finally, Investment Management Corp of Ontario increased its position in Targa Resources by 46.3% in the third quarter. Investment Management Corp of Ontario now owns 6,947 shares of the pipeline company’s stock worth $1,028,000 after buying an additional 2,200 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TRGP shares. Wells Fargo & Company boosted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Royal Bank of Canada boosted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Mizuho raised their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Barclays boosted their price objective on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Finally, Truist Financial increased their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $211.00.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 over the last three months. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $160.64 on Friday. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week 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. The company’s 50-day moving average price is $197.03 and its two-hundred day moving average price is $186.26. The stock has a market cap of $35.04 billion, a PE ratio of 27.99, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, sell-side analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

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.