Federated Hermes Inc. Increases Position in Targa Resources Corp. (NYSE:TRGP)

Federated Hermes Inc. lifted its stake in Targa Resources Corp. (NYSE:TRGP) by 83.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 462,659 shares of the pipeline company’s stock after purchasing an additional 210,943 shares during the period. Federated Hermes Inc. owned approximately 0.21% of Targa Resources worth $82,584,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. MML Investors Services LLC lifted its position in shares of Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after acquiring an additional 10,100 shares during the period. Nordea Investment Management AB raised its holdings in Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after purchasing an additional 13,167 shares during the last quarter. Capital Investment Advisors LLC grew its holdings in Targa Resources by 191.4% in the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after purchasing an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. purchased a new position in shares of Targa Resources in the fourth quarter valued at $271,000. Finally, Segment Wealth Management LLC raised its stake in shares of Targa Resources by 2,753.4% during the 4th quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock worth $9,876,000 after buying an additional 53,389 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Scotiabank lowered their price objective on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Royal Bank of Canada increased their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Barclays lifted 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. Citigroup increased their target price on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Finally, Morgan Stanley boosted their price target on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $211.00.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last quarter. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $160.64 on Monday. The business’s 50-day simple moving average is $197.03 and its 200-day simple moving average is $186.74. The firm has a market capitalization of $34.95 billion, a P/E ratio of 27.99, a P/E/G ratio of 0.61 and a beta of 1.75. 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 data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Equities analysts predict that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.75 per share. 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 dividend payout ratio is presently 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.