Rockefeller Capital Management L.P. Cuts Position in Targa Resources, Inc. $TRGP

Rockefeller Capital Management L.P. lessened its position in Targa Resources, Inc. (NYSE:TRGP) by 18.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,529 shares of the pipeline company’s stock after selling 5,256 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Targa Resources were worth $4,341,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Hantz Financial Services Inc. boosted its holdings in shares of Targa Resources by 10.5% in the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after purchasing an additional 50 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after purchasing an additional 51 shares during the last quarter. First Horizon Corp raised its holdings in shares of Targa Resources by 20.1% during the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after buying an additional 57 shares in the last quarter. Larson Financial Group LLC lifted its position in Targa Resources by 4.1% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock worth $253,000 after buying an additional 60 shares during the last quarter. Finally, Equitable Holdings Inc. lifted its position in Targa Resources by 3.6% in the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock worth $287,000 after buying an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2%

Shares of Targa Resources stock opened at $272.83 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00. The firm has a market cap of $58.56 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 1.40 and a beta of 0.72. The company has a 50-day moving average of $259.59 and a 200 day moving average of $229.14. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

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

Targa Resources Increases Dividend

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

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.37% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of recent research reports. Erste Group Bank initiated coverage on shares of Targa Resources in a research report on Thursday. They set a “buy” rating on the stock. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Morgan Stanley increased their target price on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Jefferies Financial Group initiated coverage on shares of Targa Resources in a research report on Thursday, June 18th. They issued a “buy” rating and a $314.00 target price on the stock. Finally, Truist Financial boosted their price target on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

Targa Resources Company Profile

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.