Ballentine Partners LLC Acquires 124 Shares of Targa Resources Corp. (NYSE:TRGP)

Ballentine Partners LLC grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 3.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,653 shares of the pipeline company’s stock after acquiring an additional 124 shares during the quarter. Ballentine Partners LLC’s holdings in Targa Resources were worth $652,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of TRGP. Wellington Management Group LLP raised its position in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after buying an additional 259,776 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after buying an additional 246,762 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Targa Resources by 14,163.5% in the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after buying an additional 202,822 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its position in Targa Resources by 1,904.8% during the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock valued at $29,596,000 after acquiring an additional 189,984 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction that occurred 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 transaction, 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 position. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

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

Targa Resources Price Performance

Shares of NYSE TRGP opened at $211.58 on Friday. Targa Resources Corp. has a 1 year low of $83.35 and a 1 year high of $218.51. The stock has a market capitalization of $46.14 billion, a P/E ratio of 38.26, a P/E/G ratio of 0.65 and a beta of 2.30. The company’s 50-day moving average is $192.80 and its 200 day moving average is $165.43. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the business earned $0.97 EPS. On average, sell-side analysts expect that Targa Resources Corp. will post 6.42 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

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.