Ritholtz Wealth Management Sells 144 Shares of Targa Resources Corp. (NYSE:TRGP)

Ritholtz Wealth Management decreased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 2.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 4,880 shares of the pipeline company’s stock after selling 144 shares during the period. Ritholtz Wealth Management’s holdings in Targa Resources were worth $871,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blair William & Co. IL boosted its position in Targa Resources by 4.1% in the second quarter. Blair William & Co. IL now owns 16,248 shares of the pipeline company’s stock valued at $2,092,000 after buying an additional 638 shares in the last quarter. Intech Investment Management LLC lifted its stake in shares of Targa Resources by 99.0% in the 2nd quarter. Intech Investment Management LLC now owns 20,665 shares of the pipeline company’s stock valued at $2,661,000 after acquiring an additional 10,280 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Targa Resources by 145.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 128,200 shares of the pipeline company’s stock worth $16,510,000 after acquiring an additional 76,000 shares during the last quarter. Sei Investments Co. increased its holdings in Targa Resources by 21.0% in the 2nd quarter. Sei Investments Co. now owns 186,322 shares of the pipeline company’s stock worth $23,995,000 after purchasing an additional 32,323 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Targa Resources by 2.7% in the second quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock valued at $1,202,000 after purchasing an additional 245 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on TRGP shares. Wells Fargo & Company boosted their price target on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Truist Financial decreased their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Finally, UBS Group upped their price target on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. One 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. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $189.21.

Targa Resources Stock Up 1.4 %

Targa Resources stock opened at $216.00 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $47.10 billion, a PE ratio of 39.06, a PEG ratio of 0.59 and a beta of 2.30. The firm’s fifty day moving average is $191.56 and its 200 day moving average is $163.93. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $217.02.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) 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 company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. As a group, sell-side analysts predict that Targa Resources Corp. will post 6.4 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.39%. Targa Resources’s dividend payout ratio is 54.25%.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

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.