Korea Investment CORP Lowers Holdings in Targa Resources Corp. (NYSE:TRGP)

Korea Investment CORP reduced its position in shares of Targa Resources Corp. (NYSE:TRGP) by 47.8% during the 4th quarter, HoldingsChannel reports. The firm owned 141,005 shares of the pipeline company’s stock after selling 128,905 shares during the period. Korea Investment CORP’s holdings in Targa Resources were worth $25,169,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Coldstream Capital Management Inc. lifted its position in shares of Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after purchasing an additional 66 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after purchasing an additional 67 shares during the last quarter. Mather Group LLC. boosted its position in Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock valued at $540,000 after purchasing an additional 68 shares in the last quarter. Keybank National Association OH grew its stake in Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after purchasing an additional 70 shares during the last quarter. Finally, Catalina Capital Group LLC raised its holdings in Targa Resources by 3.9% in the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock worth $400,000 after purchasing an additional 85 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 0.7 %

Shares of Targa Resources stock opened at $197.69 on Friday. The stock has a market cap of $43.12 billion, a PE ratio of 34.44, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The firm has a fifty day moving average price of $199.31 and a 200 day moving average price of $184.76. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. 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 released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TRGP. Morgan Stanley raised their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Truist Financial upped their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Barclays raised their price objective on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. The Goldman Sachs Group upped their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company raised their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. One 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. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $211.00.

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.