Guggenheim Capital LLC Sells 34,118 Shares of Targa Resources Corp. (NYSE:TRGP)

Guggenheim Capital LLC cut its stake in Targa Resources Corp. (NYSE:TRGP) by 77.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 9,796 shares of the pipeline company’s stock after selling 34,118 shares during the quarter. Guggenheim Capital LLC’s holdings in Targa Resources were worth $1,749,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of TRGP. Atala Financial Inc bought a new stake in Targa Resources during the fourth quarter worth about $31,000. Rakuten Securities Inc. lifted its holdings in shares of Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after acquiring an additional 146 shares during the period. Mizuho Bank Ltd. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $36,000. Aspect Partners LLC increased its stake in Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton raised its position in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Truist Financial lifted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Mizuho raised their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Wells Fargo & Company raised their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Morgan Stanley increased their price target on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average price target of $210.64.

Insiders Place Their Bets

In related news, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

NYSE:TRGP opened at $174.48 on Monday. The company has a market capitalization of $37.97 billion, a PE ratio of 30.40, a P/E/G ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a 50 day simple moving average of $188.84 and a two-hundred day simple moving average of $187.81.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.28%. Targa Resources’s dividend payout ratio is currently 69.69%.

Targa Resources Company 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.