Massachusetts Financial Services Co. MA Has $238.83 Million Stake in Targa Resources, Inc. $TRGP

Massachusetts Financial Services Co. MA reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,425,513 shares of the pipeline company’s stock after selling 18,017 shares during the period. Massachusetts Financial Services Co. MA owned 0.66% of Targa Resources worth $238,830,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Peoples Financial Services CORP. bought a new position in shares of Targa Resources in the 3rd quarter valued at approximately $34,000. Avion Wealth grew its holdings in Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 228 shares during the last quarter. First Horizon Corp bought a new position in shares of Targa Resources in the third quarter valued at approximately $47,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Targa Resources in the second quarter worth $53,000. Finally, Carolina Wealth Advisors LLC bought a new stake in shares of Targa Resources during the 3rd quarter worth $58,000. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Scotiabank reiterated an “outperform” rating and issued a $224.00 target price on shares of Targa Resources in a report on Friday. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. BMO Capital Markets boosted their price objective on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Weiss Ratings downgraded Targa Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, January 14th. Finally, UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $213.14.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the sale, the insider directly owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Trading Up 1.9%

Shares of TRGP stock opened at $185.46 on Tuesday. The firm has a fifty day moving average of $178.36 and a 200-day moving average of $168.80. The stock has a market cap of $39.81 billion, a price-to-earnings ratio of 24.66, a P/E/G ratio of 0.90 and a beta of 0.87. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last issued its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. On average, equities research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, January 30th. Targa Resources’s dividend payout ratio is currently 53.19%.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.