Citigroup Inc. Lowers Stock Position in Targa Resources Corp. (NYSE:TRGP)

Citigroup Inc. decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 246,805 shares of the pipeline company’s stock after selling 11,529 shares during the quarter. Citigroup Inc.’s holdings in Targa Resources were worth $36,530,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings in shares of Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after acquiring an additional 360,675 shares during the period. Truist Financial Corp grew its stake in shares of Targa Resources by 5.9% in the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after purchasing an additional 46,864 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Targa Resources by 2.9% during the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock worth $120,540,000 after purchasing an additional 22,621 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on 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 owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 over the last three months. 1.39% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Truist Financial raised their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Bank of America initiated coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Finally, Stifel Nicolaus upped their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $176.50.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $207.31 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $45.21 billion, a price-to-earnings ratio of 37.49, a PEG ratio of 0.82 and a beta of 2.24. The company’s 50-day moving average price is $169.37 and its 200 day moving average price is $144.37. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $209.87.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the company posted $0.97 EPS. As a group, research analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.45%. Targa Resources’s dividend payout ratio is currently 54.25%.

About Targa Resources

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.