Sei Investments Co. Acquires 14,620 Shares of Targa Resources Corp. (NYSE:TRGP)

Sei Investments Co. increased its holdings in Targa Resources Corp. (NYSE:TRGP) by 8.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 179,005 shares of the pipeline company’s stock after purchasing an additional 14,620 shares during the quarter. Sei Investments Co. owned approximately 0.08% of Targa Resources worth $31,952,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of TRGP. Wellington Management Group LLP grew its position in shares of Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after buying an additional 633,589 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Targa Resources by 1.7% in the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock valued at $843,680,000 after acquiring an additional 97,583 shares during the last quarter. Amundi increased its position in Targa Resources by 20.9% during the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock valued at $353,469,000 after purchasing an additional 318,261 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Targa Resources by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,464,111 shares of the pipeline company’s stock worth $261,344,000 after purchasing an additional 38,723 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Targa Resources by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock worth $197,076,000 after purchasing an additional 14,287 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, 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 legal filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 in the last quarter. 1.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of analyst reports. Barclays lifted their target price on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Morgan Stanley upped their target price on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $211.00.

Targa Resources Stock Up 0.1 %

Targa Resources stock opened at $205.20 on Wednesday. The firm has a market capitalization of $44.76 billion, a price-to-earnings ratio of 35.75, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The firm’s fifty day moving average price is $200.01 and its two-hundred day moving average price is $184.16. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. 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 announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

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.