OneAscent Wealth Management LLC Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

OneAscent Wealth Management LLC lessened its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 38.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,031 shares of the pipeline company’s stock after selling 1,295 shares during the quarter. OneAscent Wealth Management LLC’s holdings in Targa Resources were worth $363,000 at the end of the most recent quarter.

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

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $197.69 on Friday. The business has a fifty day moving average price of $199.31 and a 200-day moving average price of $184.76. 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 has a market capitalization of $43.12 billion, a PE ratio of 34.44, a PEG 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.

Targa Resources (NYSE:TRGP) last issued its earnings results 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). 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 during the quarter, compared to analysts’ expectations of $4.48 billion. As a group, equities analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders 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 1.52%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TRGP shares. Mizuho lifted their price objective on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Truist Financial boosted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Scotiabank dropped their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Finally, Barclays boosted their price target 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. One 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price 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.