JPMorgan Chase & Co. Cuts Stock Position in Targa Resources Corp. (NYSE:TRGP)

JPMorgan Chase & Co. trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 25.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 938,246 shares of the pipeline company’s stock after selling 319,367 shares during the quarter. JPMorgan Chase & Co. owned 0.43% of Targa Resources worth $167,477,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Elo Mutual Pension Insurance Co boosted its stake in shares of Targa Resources by 8.9% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 20,249 shares of the pipeline company’s stock valued at $3,614,000 after purchasing an additional 1,655 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Targa Resources by 5.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 338,826 shares of the pipeline company’s stock worth $63,079,000 after buying an additional 17,413 shares in the last quarter. Banco BTG Pactual S.A. purchased a new position in Targa Resources in the 4th quarter valued at approximately $345,000. TrueMark Investments LLC increased its position in shares of Targa Resources by 302.9% during the fourth quarter. TrueMark Investments LLC now owns 10,149 shares of the pipeline company’s stock worth $1,812,000 after acquiring an additional 7,630 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Targa Resources by 15.6% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,672 shares of the pipeline company’s stock valued at $834,000 after acquiring an additional 632 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $203.16 on Wednesday. The stock has a market cap of $44.31 billion, a P/E ratio of 35.39, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. The stock has a 50 day moving average of $198.72 and a two-hundred day moving average of $186.09. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued 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 return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. On average, research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Truist Financial upped their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Mizuho lifted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Barclays increased their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Finally, Wells Fargo & Company increased their target price on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. One investment 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $211.00.

Insider Activity at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 in the last quarter. Company insiders own 1.39% 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.