Burney Co. Sells 44,716 Shares of Targa Resources, Inc. $TRGP

Burney Co. trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 42.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 61,847 shares of the pipeline company’s stock after selling 44,716 shares during the quarter. Burney Co.’s holdings in Targa Resources were worth $15,507,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares during the period. State Street Corp boosted its position in Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after purchasing an additional 162,878 shares in the last quarter. Geode Capital Management LLC grew its stake in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Norges Bank purchased a new position in Targa Resources in the fourth quarter valued at about $735,758,000. Finally, Tortoise Capital Advisors L.L.C. raised its holdings in Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after purchasing an additional 572,562 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TRGP. 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. Truist Financial lifted their price target on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Barclays increased their price objective on Targa Resources from $262.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, June 23rd. Wells Fargo & Company boosted their target price on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Finally, Erste Group Bank assumed coverage on Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating on the stock. Seventeen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. 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 Price Performance

NYSE:TRGP opened at $263.30 on Tuesday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The stock has a 50 day moving average of $262.82 and a two-hundred day moving average of $232.90. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm has a market cap of $56.51 billion, a P/E ratio of 26.62, a price-to-earnings-growth ratio of 1.32 and a beta of 0.71.

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

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.9%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is currently 50.56%.

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.