Corient Private Wealth LLC Has $4.99 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Corient Private Wealth LLC cut its position in shares of Targa Resources Corp. (NYSE:TRGP) by 12.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 27,979 shares of the pipeline company’s stock after selling 4,071 shares during the quarter. Corient Private Wealth LLC’s holdings in Targa Resources were worth $4,994,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TRGP. Raymond James Financial Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth $150,372,000. Wellington Management Group LLP grew its holdings in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares during the period. Amundi grew its holdings in Targa Resources by 20.9% in the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after purchasing an additional 318,261 shares during the period. National Bank of Canada FI grew its holdings in Targa Resources by 75.4% in the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after purchasing an additional 259,776 shares during the period. Finally, Allianz Asset Management GmbH grew its holdings in Targa Resources by 40.0% in the fourth quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after purchasing an additional 254,286 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated 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 owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated 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 directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Down 1.1 %

TRGP opened at $197.25 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company’s 50-day moving average is $199.77 and its 200 day moving average is $182.87. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The firm has a market capitalization of $43.02 billion, a P/E ratio of 34.36, a PEG ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $4.48 billion. Research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is 52.26%.

Analyst Ratings Changes

TRGP has been the subject of a number of research reports. Truist Financial raised 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. Royal Bank of Canada raised their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. The Goldman Sachs Group raised their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company raised their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Finally, Scotiabank reduced their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $211.00.

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.