Verition Fund Management LLC Sells 32,489 Shares of Targa Resources, Inc. $TRGP

Verition Fund Management LLC lowered its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 20.8% in the fourth quarter, HoldingsChannel reports. The fund owned 123,417 shares of the pipeline company’s stock after selling 32,489 shares during the period. Verition Fund Management LLC’s holdings in Targa Resources were worth $22,770,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in TRGP. Olistico Wealth LLC bought a new position in Targa Resources in the fourth quarter valued at about $27,000. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the fourth quarter worth about $27,000. Leonteq Securities AG bought a new stake in Targa Resources during the 4th quarter worth about $31,000. Godfrey Financial Associates Inc. bought a new stake in Targa Resources during the 4th quarter worth about $37,000. Finally, Eagle Bay Advisors LLC acquired a new position in Targa Resources during the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $272.31 on Monday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The stock has a market cap of $58.45 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72. The stock has a 50-day moving average of $255.42 and a 200-day moving average of $223.24. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data 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). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Analyst Ratings Changes

Several research analysts have recently issued reports on TRGP shares. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research note on Friday, May 8th. Morgan Stanley boosted their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. BMO Capital Markets restated an “outperform” rating and issued a $241.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Finally, Wells Fargo & Company upped their target price on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Fifteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.21.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction 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 transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Company 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.