Alliancebernstein L.P. Sells 47,499 Shares of Targa Resources Corp. (NYSE:TRGP)

Alliancebernstein L.P. cut its stake in Targa Resources Corp. (NYSE:TRGP) by 15.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 254,803 shares of the pipeline company’s stock after selling 47,499 shares during the period. Alliancebernstein L.P.’s holdings in Targa Resources were worth $45,482,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock worth $4,848,169,000 after purchasing an additional 150,038 shares during the period. Wellington Management Group LLP raised its stake in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after buying an additional 633,589 shares during the last quarter. Geode Capital Management LLC lifted 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 buying an additional 97,583 shares during the period. Norges Bank bought a new stake in Targa Resources during the fourth quarter valued at $505,132,000. Finally, GQG Partners LLC acquired a new stake in Targa Resources during the 4th quarter worth about $393,335,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $160.64 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The business has a 50-day simple moving average of $197.03 and a two-hundred day simple moving average of $186.26. The company has a market capitalization of $35.04 billion, a P/E ratio of 27.99, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders 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 1.87%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. 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. Citigroup increased their price target on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Scotiabank lowered their price objective on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company increased their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Barclays raised their price target on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $211.00.

Insider Buying and Selling at Targa Resources

In related news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction that occurred 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 completion of the sale, 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 legal filing with the SEC, which can be accessed through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.39% of the company’s stock.

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.