Parkside Financial Bank & Trust Cuts Position in Targa Resources Corp. (NYSE:TRGP)

Parkside Financial Bank & Trust trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 7.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 734 shares of the pipeline company’s stock after selling 60 shares during the period. Parkside Financial Bank & Trust’s holdings in Targa Resources were worth $131,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in Targa Resources in the third quarter valued at approximately $35,000. Aspect Partners LLC increased its stake in Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 130 shares during the last quarter. Rosenberg Matthew Hamilton increased its stake in Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in Targa Resources in the fourth quarter valued at approximately $49,000. Finally, UMB Bank n.a. increased its stake in Targa Resources by 39.6% in the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after purchasing an additional 106 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research reports. Stifel Nicolaus raised their target price 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. UBS Group raised their target price 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. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Royal Bank of Canada raised their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Truist Financial lowered their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $205.43.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $201.02 on Monday. 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 stock has a fifty day moving average price of $197.95 and a 200 day moving average price of $178.65. Targa Resources Corp. has a 1-year low of $97.29 and a 1-year high of $218.51. The company has a market cap of $43.84 billion, a PE ratio of 35.02, a P/E/G ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS 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 business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Sell-side analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

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.