King Luther Capital Management Corp Has $526,000 Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

King Luther Capital Management Corp trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 17.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,949 shares of the pipeline company’s stock after selling 625 shares during the quarter. King Luther Capital Management Corp’s holdings in Targa Resources were worth $526,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TRGP. MML Investors Services LLC boosted its position in Targa Resources by 65.1% during the third 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 during the period. Nordea Investment Management AB lifted its stake in shares of Targa Resources by 85.7% during the 4th 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 during the last quarter. Cerity Partners LLC boosted its holdings in shares of Targa Resources by 47.5% during the 3rd quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock worth $4,277,000 after buying an additional 9,307 shares during the period. Capital Investment Advisors LLC grew its stake in Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after buying an additional 5,431 shares during the last quarter. Finally, Atomi Financial Group Inc. bought a new position in Targa Resources in the 4th quarter valued at about $271,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TRGP has been the subject of a number of research analyst reports. The Goldman Sachs Group boosted their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Citigroup boosted their price target on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Truist Financial lowered their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. UBS Group boosted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Barclays raised their price target on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One 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 stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus target price of $206.43.

Targa Resources Price Performance

TRGP stock opened at $182.36 on Friday. The company’s 50-day moving average price is $198.98 and its two-hundred day moving average price is $180.78. The firm has a market cap of $39.77 billion, a P/E ratio of 31.77, a P/E/G ratio of 0.61 and a beta of 2.32. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $104.89 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. On average, analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.65%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Activity at Targa Resources

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. 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 ninety days. 1.44% of the stock is owned by corporate insiders.

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.