Corient Private Wealth LLC Sells 4,071 Shares of Targa Resources Corp. (NYSE:TRGP)

Corient Private Wealth LLC cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 12.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,979 shares of the pipeline company’s stock after selling 4,071 shares during the quarter. Corient Private Wealth LLC’s holdings in Targa Resources were worth $4,994,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Atala Financial Inc bought a new stake in shares of Targa Resources in the 4th quarter valued at about $31,000. Rakuten Securities Inc. raised its holdings in shares of Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the period. Aspect Partners LLC raised its holdings in shares of Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 130 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the 3rd quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton raised its holdings in shares of Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares during the period. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TRGP. Scotiabank decreased their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Morgan Stanley upped their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Mizuho upped their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group upped their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average price target of $211.00.

Insider Activity at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 in the last quarter. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $197.25 on Friday. The firm has a market capitalization of $43.02 billion, a price-to-earnings ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32. 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 firm’s 50 day simple moving average is $199.77 and its 200 day simple moving average is $182.87. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

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.