Truist Financial Corp Lowers Position in Targa Resources Corp. (NYSE:TRGP)

Truist Financial Corp cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 11.3% in the fourth quarter, Holdings Channel reports. The fund owned 829,030 shares of the pipeline company’s stock after selling 106,090 shares during the quarter. Truist Financial Corp’s holdings in Targa Resources were worth $147,982,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in shares of Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after buying an additional 633,589 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Targa Resources by 75.4% during the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after buying an additional 259,776 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of Targa Resources by 599.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after buying an additional 246,762 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Targa Resources by 14,163.5% during the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after buying an additional 202,822 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its position in shares of Targa Resources by 1,904.8% during the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock valued at $29,596,000 after buying an additional 189,984 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several analyst reports. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Morgan Stanley upped their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Royal Bank of Canada upped their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Truist Financial cut their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. 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 data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $205.51 on Monday. Targa Resources Corp. has a twelve month low of $88.50 and a twelve month high of $218.51. The company’s 50 day moving average is $193.87 and its 200 day moving average is $173.92. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $44.81 billion, a PE ratio of 37.16, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. Targa Resources’s payout ratio is 54.25%.

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.