OneAscent Financial Services LLC Decreases Holdings in Targa Resources Corp. (NYSE:TRGP)

OneAscent Financial Services LLC reduced its position in Targa Resources Corp. (NYSE:TRGP) by 23.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,505 shares of the pipeline company’s stock after selling 771 shares during the period. OneAscent Financial Services LLC’s holdings in Targa Resources were worth $447,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. Atala Financial Inc purchased a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. Rakuten Securities Inc. lifted its stake in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after buying an additional 146 shares in the last quarter. Aspect Partners LLC grew its holdings in Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after buying an additional 130 shares during the last quarter. Rosenberg Matthew Hamilton grew its holdings in Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after buying an additional 89 shares during the last quarter. Finally, Stonebridge Financial Group LLC purchased a new position in Targa Resources during the fourth quarter worth $49,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value 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. This trade represents a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Barclays increased their price objective on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Scotiabank lowered their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Mizuho upped their price objective 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. Citigroup lifted their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Finally, Truist Financial increased their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. One investment 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. According to MarketBeat, Targa Resources presently has an average rating of “Buy” and an average target price of $211.00.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $180.68 on Friday. The firm has a market capitalization of $39.41 billion, a PE ratio of 31.48, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business has a 50-day moving average of $198.00 and a two-hundred day moving average of $186.19.

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

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.66%. Targa Resources’s payout ratio is 52.26%.

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.