Miller Howard Investments Inc. NY Sells 127,096 Shares of Targa Resources Corp. (NYSE:TRGP)

Miller Howard Investments Inc. NY trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 27.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 336,750 shares of the pipeline company’s stock after selling 127,096 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Targa Resources were worth $29,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Cetera Advisor Networks LLC bought a new position in shares of Targa Resources during the 1st quarter valued at $250,000. PNC Financial Services Group Inc. lifted its holdings in shares of Targa Resources by 5.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company’s stock valued at $1,112,000 after buying an additional 737 shares during the period. Sei Investments Co. increased its stake in shares of Targa Resources by 11.6% in the 1st quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company’s stock worth $14,072,000 after purchasing an additional 19,372 shares in the last quarter. Brighton Jones LLC purchased a new stake in shares of Targa Resources in the 1st quarter worth $249,000. Finally, Covestor Ltd increased its stake in shares of Targa Resources by 91.8% in the 1st quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock worth $108,000 after purchasing an additional 684 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of Targa Resources stock traded down $1.34 during trading on Tuesday, reaching $114.63. 277,124 shares of the stock traded hands, compared to its average volume of 1,684,402. The company has a market capitalization of $25.51 billion, a price-to-earnings ratio of 31.60 and a beta of 2.21. The business has a fifty day simple moving average of $100.92 and a two-hundred day simple moving average of $90.99. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $116.92.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. Sell-side analysts expect that Targa Resources Corp. will post 5.75 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Wednesday, January 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.74%. Targa Resources’s payout ratio is 54.50%.

Insider Activity

In other news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the transaction, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock worth $7,987,215 over the last 90 days. Corporate insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TRGP. JPMorgan Chase & Co. upped their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Citigroup upped their price objective on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Barclays upped their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday. Truist Financial upped their price objective on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, Mizuho increased their price target on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $115.70.

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.