Desjardins Global Asset Management Inc. Sells 992 Shares of Targa Resources Corp. (NYSE:TRGP)

Desjardins Global Asset Management Inc. reduced its position in shares of Targa Resources Corp. (NYSE:TRGP) by 34.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,858 shares of the pipeline company’s stock after selling 992 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in Targa Resources were worth $161,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Moneta Group Investment Advisors LLC boosted its holdings in shares of Targa Resources by 104,219.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after buying an additional 25,216,947 shares during the period. BlackRock Inc. boosted its holdings in shares of Targa Resources by 1.9% during the 1st quarter. BlackRock Inc. now owns 18,748,593 shares of the pipeline company’s stock worth $1,367,710,000 after buying an additional 348,951 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after buying an additional 401,144 shares during the period. State Street Corp boosted its holdings in shares of Targa Resources by 14.4% during the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after buying an additional 986,283 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Targa Resources by 6.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,802,014 shares of the pipeline company’s stock valued at $513,349,000 after purchasing an additional 421,874 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling

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 transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $97.31, for a total transaction of $973,100.00. Following the sale, the insider now owns 219,451 shares of the company’s stock, valued at approximately $21,354,776.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the 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 sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock worth $7,987,215 in the last quarter. 1.39% of the stock is owned by corporate insiders.

Targa Resources Trading Down 0.4 %

Shares of TRGP stock opened at $111.78 on Friday. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.61. The stock has a market cap of $24.88 billion, a price-to-earnings ratio of 30.46 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The firm has a fifty day moving average of $105.34 and a 200-day moving average of $92.49.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) 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 analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. On average, equities research analysts forecast that Targa Resources Corp. will post 5.77 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a dividend of $0.75 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.68%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Scotiabank upped their target price on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday. Barclays upped their target price on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Truist Financial upped their target price on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Royal Bank of Canada upped their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Finally, The Goldman Sachs Group upped their target price on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $117.92.

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.