Clearbridge Investments LLC Has $171.88 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Clearbridge Investments LLC cut its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 0.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,534,815 shares of the pipeline company’s stock after selling 12,900 shares during the quarter. Clearbridge Investments LLC’s holdings in Targa Resources were worth $171,884,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Spire Wealth Management increased its holdings in shares of Targa Resources by 2,400.0% during the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after buying an additional 264 shares in the last quarter. Addison Advisors LLC acquired a new stake in Targa Resources in the fourth quarter valued at $27,000. Register Financial Advisors LLC acquired a new stake in Targa Resources in the first quarter valued at $45,000. EdgeRock Capital LLC acquired a new stake in Targa Resources in the fourth quarter valued at $42,000. Finally, Delos Wealth Advisors LLC acquired a new stake in Targa Resources in the fourth quarter valued at $43,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 1.3 %

Shares of TRGP stock traded down $1.83 on Tuesday, reaching $135.93. 897,978 shares of the company were exchanged, compared to its average volume of 1,595,564. The company has a market cap of $30.14 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 0.79 and a beta of 2.27. The company has a 50-day moving average of $124.32 and a 200-day moving average of $109.45. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources Corp. has a one year low of $77.97 and a one year high of $138.28.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.28 billion. Analysts anticipate that Targa Resources Corp. will post 5.38 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.21%. Targa Resources’s payout ratio is 61.73%.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ershel C. Redd, Jr. sold 3,000 shares of Targa Resources stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the transaction, the director now directly owns 28,223 shares in the company, valued at approximately $3,192,021.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,691 shares of company stock valued at $6,197,632. 1.39% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Stifel Nicolaus increased their price objective on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. UBS Group increased their price objective on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. The Goldman Sachs Group increased their price target on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Mizuho increased their price target on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Finally, Truist Financial increased their price target on Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and a consensus target price of $132.15.

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.