Silvercrest Asset Management Group LLC Sells 4,006 Shares of Targa Resources Corp. (NYSE:TRGP)

Silvercrest Asset Management Group LLC decreased its holdings in Targa Resources Corp. (NYSE:TRGP) by 20.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,039 shares of the pipeline company’s stock after selling 4,006 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Targa Resources were worth $2,863,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TRGP. Norges Bank bought a new position in Targa Resources in the 4th quarter valued at about $505,132,000. GQG Partners LLC bought a new position in Targa Resources in the 4th quarter valued at about $393,335,000. Canada Pension Plan Investment Board lifted its position in Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after acquiring an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Targa Resources during the 4th quarter worth approximately $150,372,000. Finally, TD Asset Management Inc. lifted its position in shares of Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after buying an additional 825,267 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. The trade was a 43.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources 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 sale, the insider now directly 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. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last three months. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Stock Down 0.7%

Targa Resources stock opened at $164.59 on Tuesday. Targa Resources Corp. has a 1-year low of $113.65 and a 1-year high of $218.51. The firm has a market capitalization of $35.70 billion, a price-to-earnings ratio of 28.67, a P/E/G ratio of 0.61 and a beta of 1.22. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a 50 day simple moving average of $176.83 and a 200 day simple moving average of $188.32.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Mizuho dropped their target price on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Truist Financial lifted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Morgan Stanley lifted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Finally, Barclays decreased their price target on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $201.64.

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.