Rockefeller Capital Management L.P. Reduces Stock Position in Targa Resources, Inc. $TRGP

Rockefeller Capital Management L.P. cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 18.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 23,529 shares of the pipeline company’s stock after selling 5,256 shares during the period. Rockefeller Capital Management L.P.’s holdings in Targa Resources were worth $4,341,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Olistico Wealth LLC bought a new position in Targa Resources in the fourth quarter valued at about $27,000. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources during the 4th quarter valued at $27,000. Miller Capital Partners Inc. bought a new stake in Targa Resources during the fourth quarter valued at about $30,000. Leonteq Securities AG purchased a new stake in Targa Resources in the 4th quarter worth approximately $31,000. Finally, Godfrey Financial Associates Inc. bought a new stake in shares of Targa Resources during the 4th quarter valued at $37,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $272.83 on Friday. The firm has a market cap of $58.56 billion, a price-to-earnings ratio of 27.59, a P/E/G ratio of 1.40 and a beta of 0.72. The firm has a fifty day moving average price of $259.59 and a 200 day moving average price of $229.14. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on TRGP. Jefferies Financial Group started coverage on shares of Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 target price on the stock. The Goldman Sachs Group increased their price target on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Morgan Stanley boosted their price objective on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Finally, Citigroup reiterated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.