Slagle Financial LLC Has $3.30 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Slagle Financial LLC cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 14.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,505 shares of the pipeline company’s stock after selling 3,222 shares during the quarter. Targa Resources makes up 1.5% of Slagle Financial LLC’s investment portfolio, making the stock its 23rd largest holding. Slagle Financial LLC’s holdings in Targa Resources were worth $3,303,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of TRGP. Orion Portfolio Solutions LLC increased its holdings in shares of Targa Resources by 16.6% in the fourth quarter. Orion Portfolio Solutions LLC now owns 10,819 shares of the pipeline company’s stock worth $1,931,000 after purchasing an additional 1,537 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $73,000. Norges Bank purchased a new stake in shares of Targa Resources in the fourth quarter worth $505,132,000. Blair William & Co. IL boosted its position in shares of Targa Resources by 6.2% during the fourth quarter. Blair William & Co. IL now owns 19,416 shares of the pipeline company’s stock valued at $3,466,000 after buying an additional 1,126 shares during the last quarter. Finally, Loomis Sayles & Co. L P purchased a new stake in Targa Resources during the fourth quarter valued at $74,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $198.97 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a 50-day simple moving average of $199.68 and a 200 day simple moving average of $184.39. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The company has a market cap of $43.40 billion, a PE ratio of 34.66, a P/E/G ratio of 0.61 and a beta of 2.32.

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 analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. On average, sell-side analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.51%. Targa Resources’s dividend payout ratio is currently 52.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TRGP shares. Mizuho lifted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays raised their target price on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Morgan Stanley increased their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Finally, Truist Financial increased their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $211.00.

Insider Buying and Selling

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 in the last quarter. Company 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.