Targa Resources, Inc. $TRGP Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH decreased its holdings in Targa Resources, Inc. (NYSE:TRGP) by 32.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 562,415 shares of the pipeline company’s stock after selling 271,242 shares during the quarter. Allianz Asset Management GmbH’s holdings in Targa Resources were worth $103,766,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after buying an additional 422,075 shares during the last quarter. Wellington Management Group LLP grew its position in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after buying an additional 1,620,253 shares during the last quarter. Geode Capital Management LLC grew its position in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares in the last quarter. Norges Bank purchased a new position in Targa Resources during the 4th quarter worth approximately $735,758,000. Finally, Goldman Sachs Group Inc. grew its position in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.37% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TRGP. Truist Financial lifted their price objective on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Mizuho lifted their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Barclays lifted their price objective on shares of Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Finally, Morgan Stanley lifted their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Fifteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $269.21.

Targa Resources Stock Performance

NYSE:TRGP opened at $272.54 on Thursday. The firm’s 50-day moving average is $254.50 and its 200-day moving average is $221.82. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company has a market cap of $58.50 billion, a price-to-earnings ratio of 27.56, a PEG ratio of 1.35 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Equities research analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.