Federated Hermes Inc. Sells 26,656 Shares of Targa Resources Corp. (NYSE:TRGP)

Federated Hermes Inc. lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 40.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,746 shares of the pipeline company’s stock after selling 26,656 shares during the period. Federated Hermes Inc.’s holdings in Targa Resources were worth $3,453,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Deutsche Bank AG increased its holdings in shares of Targa Resources by 200.4% in the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares in the last quarter. Truist Financial Corp raised its position in Targa Resources by 11,513.7% in the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after buying an additional 630,949 shares during the last quarter. Morgan Stanley lifted its stake in Targa Resources by 16.1% during 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 during the period. Wellington Management Group LLP lifted its stake in Targa Resources by 5.1% during 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 acquiring an additional 401,144 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Targa Resources by 745.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 357,854 shares of the pipeline company’s stock valued at $30,675,000 after acquiring an additional 315,551 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

TRGP opened at $116.86 on Friday. The company has a 50 day simple moving average of $108.36 and a two-hundred day simple moving average of $93.91. 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 market cap of $26.01 billion, a P/E ratio of 31.84 and a beta of 2.21. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $117.87.

Targa Resources (NYSE:TRGP) last issued its 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 firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. Equities analysts forecast that Targa Resources Corp. will post 5.71 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Royal Bank of Canada lifted their price objective on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. UBS Group lowered their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Mizuho boosted their price target on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Finally, Citigroup upped their price target on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.55.

Insider Buying and Selling

In other Targa Resources news, 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 transaction of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Joe Bob Perkins sold 33,405 shares of the business’s 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 $3,754,434.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider D. Scott Pryor sold 10,000 shares of the firm’s 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 owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,966 shares of company stock valued at $7,987,215. Corporate insiders own 1.39% of the company’s stock.

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.