Covea Finance Has $12.72 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Covea Finance lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 13.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 71,240 shares of the pipeline company’s stock after selling 11,400 shares during the quarter. Covea Finance’s holdings in Targa Resources were worth $12,716,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in TRGP. Park Avenue Securities LLC lifted its position in Targa Resources by 90.4% in the 4th quarter. Park Avenue Securities LLC now owns 3,119 shares of the pipeline company’s stock valued at $557,000 after acquiring an additional 1,481 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Targa Resources by 116.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 162,236 shares of the pipeline company’s stock worth $28,959,000 after purchasing an additional 87,395 shares in the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Targa Resources in the 4th quarter valued at about $375,000. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Targa Resources by 14.9% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 3,547 shares of the pipeline company’s stock valued at $633,000 after purchasing an additional 461 shares in the last quarter. Finally, Rosenberg Matthew Hamilton boosted its position in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE:TRGP opened at $200.89 on Wednesday. The company has a market cap of $43.81 billion, a P/E ratio of 36.33, a P/E/G ratio of 0.73 and a beta of 2.30. The firm’s fifty day moving average price is $190.21 and its two-hundred day moving average price is $162.26. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87. 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 announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the firm posted $0.97 EPS. Equities analysts expect that Targa Resources Corp. will post 6.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TRGP. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Truist Financial lowered their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, UBS Group boosted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $189.21.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Company 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.