Bleakley Financial Group LLC Sells 135 Shares of Targa Resources Corp. (NYSE:TRGP)

Bleakley Financial Group LLC lowered its position in Targa Resources Corp. (NYSE:TRGP) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,089 shares of the pipeline company’s stock after selling 135 shares during the quarter. Bleakley Financial Group LLC’s holdings in Targa Resources were worth $616,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Harbour Investments Inc. raised its holdings in shares of Targa Resources by 51.3% in the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 121 shares in the last quarter. Orion Portfolio Solutions LLC lifted its position in shares of Targa Resources by 2.1% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 6,125 shares of the pipeline company’s stock worth $466,000 after purchasing an additional 128 shares during the period. Integrated Wealth Concepts LLC lifted its position in shares of Targa Resources by 5.0% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 2,960 shares of the pipeline company’s stock worth $225,000 after purchasing an additional 140 shares during the period. Ballentine Partners LLC boosted its stake in shares of Targa Resources by 4.4% during the third quarter. Ballentine Partners LLC now owns 3,370 shares of the pipeline company’s stock valued at $289,000 after purchasing an additional 142 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd increased its holdings in Targa Resources by 36.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock valued at $48,000 after buying an additional 150 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TRGP. Truist Financial lifted their price target on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Mizuho increased their price target on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Finally, UBS Group decreased their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, January 18th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $115.70.

Insider Activity

In related news, Director Joe Bob Perkins sold 33,405 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock worth $7,987,215 over the last three months. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

TRGP opened at $114.67 on Friday. The stock has a market cap of $25.52 billion, a P/E ratio of 31.25 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The firm has a fifty day moving average price of $103.22 and a 200 day moving average price of $91.74. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.61.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Equities research analysts anticipate that Targa Resources Corp. will post 5.75 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Wednesday, January 31st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Tuesday, January 30th. Targa Resources’s dividend payout ratio (DPR) is presently 54.50%.

Targa Resources Company 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.