Los Angeles Capital Management LLC Has $3.81 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Los Angeles Capital Management LLC cut its stake in Targa Resources Corp. (NYSE:TRGP) by 86.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,859 shares of the pipeline company’s stock after selling 275,844 shares during the period. Los Angeles Capital Management LLC’s holdings in Targa Resources were worth $3,810,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Wellington Management Group LLP boosted its position in Targa Resources by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after buying an additional 401,144 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Targa Resources by 200.4% in the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after purchasing an additional 3,720,270 shares in the last quarter. Morgan Stanley lifted its stake in Targa Resources by 16.1% in the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after acquiring an additional 524,794 shares in the last quarter. Jennison Associates LLC boosted its holdings in Targa Resources by 1.6% during the third quarter. Jennison Associates LLC now owns 2,487,507 shares of the pipeline company’s stock worth $213,229,000 after purchasing an additional 39,143 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Targa Resources by 3.2% during the 3rd quarter. FMR LLC now owns 2,431,326 shares of the pipeline company’s stock worth $208,413,000 after buying an additional 74,310 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

TRGP stock opened at $112.31 on Monday. The business has a 50 day moving average of $110.02 and a 200-day moving average of $94.98. The firm has a market cap of $24.90 billion, a PE ratio of 23.11 and a beta of 2.19. Targa Resources Corp. has a 12-month low of $67.36 and a 12-month high of $117.87. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.67%. Targa Resources’s dividend payout ratio is presently 61.73%.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at approximately $7,012,769.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jennifer R. Kneale sold 26,061 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the completion of the sale, the chief financial officer now directly owns 227,663 shares in the company, valued at $22,165,269.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,966 shares of company stock valued at $7,987,215. 1.44% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on TRGP. Mizuho lifted their target price on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Truist Financial boosted their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Royal Bank of Canada lifted their price target on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a report on Monday, February 26th. Stifel Nicolaus boosted their price target on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Finally, Scotiabank increased their price objective on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a report on Monday, April 15th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and a consensus target price of $119.92.

Targa Resources Profile

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.