Chevy Chase Trust Holdings LLC Decreases Holdings in Targa Resources Corp. (NYSE:TRGP)

Chevy Chase Trust Holdings LLC lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 3.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,466 shares of the pipeline company’s stock after selling 3,591 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Targa Resources worth $17,386,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of TRGP. Caxton Associates LP purchased a new stake in Targa Resources during the 2nd quarter worth approximately $2,323,000. Cetera Investment Advisers increased its position in shares of Targa Resources by 215.2% during the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after purchasing an additional 21,200 shares in the last quarter. Braun Stacey Associates Inc. acquired a new position in Targa Resources in the 3rd quarter valued at $11,042,000. Metis Global Partners LLC lifted its holdings in Targa Resources by 12.7% in the 3rd quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after purchasing an additional 2,890 shares in the last quarter. Finally, Prospera Financial Services Inc lifted its holdings in Targa Resources by 73.3% in the 3rd quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock valued at $1,774,000 after purchasing an additional 5,067 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $197.00 on Wednesday. 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 firm’s 50 day moving average price is $175.99 and its 200-day moving average price is $148.59. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87. The firm has a market cap of $42.96 billion, a P/E ratio of 35.62, a P/E/G ratio of 0.77 and a beta of 2.28.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the business posted $0.97 earnings per share. As a group, equities research analysts predict that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.52%. Targa Resources’s dividend payout ratio is currently 54.25%.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of recent research reports. Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Stifel Nicolaus raised their target price on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Truist Financial upped their price target on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Wells Fargo & Company lifted their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $176.50.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 183,260 shares of company stock valued at $29,661,212. Insiders own 1.44% of the company’s stock.

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.