Targa Resources Corp. (NYSE:TRGP) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 14.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 712,478 shares of the pipeline company’s stock after selling 116,057 shares during the period. Russell Investments Group Ltd. owned 0.32% of Targa Resources worth $61,887,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Addison Advisors LLC acquired a new position in Targa Resources in the 4th quarter valued at $27,000. Truist Financial Corp raised its position in shares of Targa Resources by 15.7% in the fourth quarter. Truist Financial Corp now owns 736,553 shares of the pipeline company’s stock valued at $63,984,000 after buying an additional 100,124 shares during the last quarter. Bahl & Gaynor Inc. lifted its stake in shares of Targa Resources by 106.1% in the fourth quarter. Bahl & Gaynor Inc. now owns 312,937 shares of the pipeline company’s stock worth $27,185,000 after buying an additional 161,097 shares in the last quarter. Stevens Capital Management LP acquired a new position in Targa Resources during the fourth quarter worth about $300,000. Finally, Fractal Investments LLC boosted its position in Targa Resources by 0.8% during the fourth quarter. Fractal Investments LLC now owns 286,539 shares of the pipeline company’s stock worth $24,892,000 after acquiring an additional 2,300 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the transaction, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock worth $7,987,215 over the last three months. Company insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TRGP shares. Citigroup raised their target price on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. The Goldman Sachs Group boosted their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. UBS Group cut their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. JPMorgan Chase & Co. boosted their price target on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Finally, Scotiabank raised their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research report on Monday, April 15th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $119.55.

Targa Resources Stock Down 0.7 %

Targa Resources stock opened at $116.86 on Monday. The company has a market capitalization of $26.01 billion, a PE ratio of 31.84 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $117.87. The firm has a 50 day moving average price of $108.36 and a 200 day moving average price of $94.04.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. Research analysts expect that Targa Resources Corp. will post 5.8 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. The ex-dividend date is Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.57%. Targa Resources’s dividend payout ratio is 54.50%.

About Targa Resources

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.