Targa Resources, Inc. $TRGP Shares Sold by Cbre Investment Management Listed Real Assets LLC

Cbre Investment Management Listed Real Assets LLC lowered its holdings in Targa Resources, Inc. (NYSE:TRGP) by 2.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 623,930 shares of the pipeline company’s stock after selling 14,403 shares during the period. Targa Resources comprises 1.7% of Cbre Investment Management Listed Real Assets LLC’s holdings, making the stock its 24th biggest holding. Cbre Investment Management Listed Real Assets LLC’s holdings in Targa Resources were worth $115,115,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in TRGP. New Mexico Educational Retirement Board boosted its stake in Targa Resources by 1.0% in the 4th quarter. New Mexico Educational Retirement Board now owns 9,900 shares of the pipeline company’s stock worth $1,827,000 after purchasing an additional 100 shares during the period. SCS Capital Management LLC lifted its stake in Targa Resources by 3.0% in the fourth quarter. SCS Capital Management LLC now owns 114,183 shares of the pipeline company’s stock valued at $21,067,000 after acquiring an additional 3,326 shares during the last quarter. MUFG Securities EMEA plc lifted its stake in shares of Targa Resources by 113.6% in the fourth quarter. MUFG Securities EMEA plc now owns 8,800 shares of the pipeline company’s stock worth $1,624,000 after buying an additional 4,681 shares during the last quarter. Norges Bank acquired a new stake in shares of Targa Resources in the fourth quarter worth $735,758,000. Finally, Eurizon SLJ Capital Ltd acquired a new stake in shares of Targa Resources in the fourth quarter worth $68,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 1.5%

TRGP opened at $258.97 on Tuesday. The firm’s 50-day simple moving average is $251.66 and its 200-day simple moving average is $217.12. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The firm has a market cap of $55.59 billion, a price-to-earnings ratio of 26.19, a PEG ratio of 1.32 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 10.67 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is currently 50.56%.

Insider Activity

In other news, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $241.34, for a total value of $5,934,309.26. Following the sale, the insider owned 197,401 shares of the company’s stock, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on TRGP shares. Barclays boosted their target price on shares of Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. UBS Group boosted their target price on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Finally, Truist Financial boosted their target price on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Fifteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $269.21.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.