Cresset Asset Management LLC Sells 41,075 Shares of Targa Resources Corp. (NYSE:TRGP)

Cresset Asset Management LLC lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 73.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,591 shares of the pipeline company’s stock after selling 41,075 shares during the quarter. Cresset Asset Management LLC’s holdings in Targa Resources were worth $2,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Atala Financial Inc purchased a new position in shares of Targa Resources in the 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC purchased a new position in Targa Resources in the fourth quarter worth $31,000. Rakuten Securities Inc. increased its position in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 146 shares in the last quarter. Mizuho Bank Ltd. purchased a new stake in shares of Targa Resources during the 4th quarter valued at $36,000. Finally, Aspect Partners LLC lifted its holdings in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 in the last ninety days. Company insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TRGP. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Mizuho decreased their price objective on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Royal Bank of Canada cut their price target on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Scotiabank lowered their price objective on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a research note on Tuesday, April 29th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $202.93.

Targa Resources Stock Down 0.3 %

Shares of TRGP stock opened at $159.51 on Friday. Targa Resources Corp. has a twelve month low of $112.27 and a twelve month high of $218.51. The stock has a market cap of $34.71 billion, a P/E ratio of 27.79, a P/E/G ratio of 0.61 and a beta of 1.22. The stock has a 50 day moving average of $178.73 and a 200 day moving average of $187.98. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. As a group, sell-side analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources’s payout ratio is currently 73.66%.

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.