Targa Resources, Inc. $TRGP Stock Holdings Lessened by BROOKFIELD Corp ON

BROOKFIELD Corp ON lessened its stake in Targa Resources, Inc. (NYSE:TRGP) by 12.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,462,383 shares of the pipeline company’s stock after selling 204,723 shares during the quarter. Targa Resources makes up about 0.5% of BROOKFIELD Corp ON’s portfolio, making the stock its 8th biggest holding. BROOKFIELD Corp ON owned 0.68% of Targa Resources worth $366,663,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Hardy Reed LLC lifted its stake in Targa Resources by 1.0% in the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after buying an additional 41 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after acquiring an additional 50 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Targa Resources by 0.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after acquiring an additional 51 shares in the last quarter. First Horizon Corp boosted its stake in shares of Targa Resources by 20.1% in the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock worth $63,000 after acquiring an additional 57 shares during the last quarter. Finally, Bridgewater Advisors Inc. increased its position in shares of Targa Resources by 2.7% during the first quarter. Bridgewater Advisors Inc. now owns 2,210 shares of the pipeline company’s stock worth $520,000 after purchasing an additional 59 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TRGP has been the topic of a number of research reports. Royal Bank Of Canada restated an “outperform” rating and issued a $310.00 price objective on shares of Targa Resources in a report on Tuesday, July 21st. Scotiabank raised their price target on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. TD Cowen boosted their price target on shares of Targa Resources from $245.00 to $270.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Mizuho upped their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Seventeen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $288.00.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.37% of the stock is owned by insiders.

Targa Resources Stock Down 0.1%

Shares of TRGP opened at $281.04 on Monday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $291.04. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The stock has a fifty day simple moving average of $269.86 and a two-hundred day simple moving average of $242.40. The company has a market capitalization of $60.32 billion, a PE ratio of 28.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 10.76 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, July 31st. Targa Resources’s payout ratio is presently 50.56%.

Targa Resources Profile

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.