Targa Resources Corp. (NYSE:TRGP) Shares Sold by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 0.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 42,318 shares of the pipeline company’s stock after selling 160 shares during the period. Brandywine Global Investment Management LLC’s holdings in Targa Resources were worth $7,554,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new stake in shares of Targa Resources during the fourth quarter worth about $31,000. Rakuten Securities Inc. increased its stake in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares during the period. Aspect Partners LLC lifted its holdings in Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after buying an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton boosted its position in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after buying an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Targa Resources in the fourth quarter worth $49,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In other news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 in the last 90 days. Company insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TRGP shares. Citigroup increased their price objective on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Royal Bank of Canada lifted their price objective on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Morgan Stanley boosted their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Scotiabank reduced their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Finally, Truist Financial boosted their price target on shares of 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 issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $211.00.

Targa Resources Stock Performance

NYSE TRGP opened at $200.50 on Tuesday. The company has a fifty day moving average of $199.00 and a two-hundred day moving average of $185.71. The company has a market capitalization of $43.73 billion, a PE ratio of 34.93, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

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

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.50%. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

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.