Virtu Financial LLC Reduces Stake in Targa Resources Corp.

During the fourth quarter, Virtu Financial LLC significantly decreased its investment in Targa Resources Corp. (NYSE:TRGP) by 72.0%, as reported in its latest filing with the Securities and Exchange Commission (SEC). Following this reduction, the firm now holds 2,367 shares of the pipeline company, after selling 6,080 shares during the quarter. According to the SEC filing, the remaining holdings in Targa Resources were valued at approximately $422,000.

Additionally, other institutional investors have made notable changes to their positions in Targa Resources shares. For instance, Atala Financial Inc established a new position worth $31,000 during the fourth quarter. Similarly, Rakuten Securities Inc increased its stake by 394.6%, accumulating a total of 183 shares valued at $33,000 after purchasing an additional 146 shares in the last quarter. Aspect Partners LLC also boosted its holdings by 144.4%, now owning 220 shares worth $39,000 after an additional purchase of 130 shares. Furthermore, Rosenberg Matthew Hamilton expanded its stake by 49.4% and now possesses 269 shares valued at $48,000 after acquiring 89 additional shares. Stonebridge Financial Group LLC also added a new stake worth approximately $49,000. Currently, institutional investors and hedge funds own 92.13% of Targa Resources stock.

Analyst Opinions on Targa Resources

The stock of Targa Resources has recently been the focus of various research reports. Morgan Stanley raised their price target on Targa Resources from $202.00 to $244.00, assigning an "overweight" rating. Truist Financial also increased their price target from $220.00 to $235.00 with a "buy" recommendation. In another report, Barclays updated their price target from $204.00 to $211.00, maintaining an "overweight" rating. Likewise, Wells Fargo raised their target price from $204.00 to $220.00, also giving the stock an "overweight" designation. Lastly, Goldman Sachs elevated their price target from $185.00 to $223.00 while recommending the stock as a "buy." Currently, one analyst has issued a hold rating, thirteen analysts recommend a buy, and one has given a strong buy rating. According to MarketBeat, the consensus rating for Targa Resources is "Buy," with an average price target of $211.00.

Targa Resources Stock Performance

As of Thursday, shares of Targa Resources (TRGP) opened at $201.91. The stock has a 50-day moving average of $199.95 and a 200-day average of $184.28. The firm reports a current ratio of 0.77, a quick ratio of 0.61, and a debt-to-equity ratio of 3.05. With a market capitalization of $44.04 billion, Targa Resources has a P/E ratio of 35.18 and a P/E/G ratio of 0.61. The stock has experienced a 12-month low of $110.09 and a high of $218.51.

Recent Earnings Report

In its most recent quarterly earnings report released on February 20, Targa Resources announced earnings per share (EPS) of $1.44, missing the consensus estimate of $1.90 by $0.46. The company's revenue for the quarter was $4.41 billion, slightly below analysts' expectations of $4.48 billion. Targa reported a net margin of 7.81% and a return on equity of 28.67%. Analysts predict that Targa Resources Corporation will achieve an EPS of 8.15 for the current year.

Dividend Announcement

Targa Resources also recently announced a quarterly dividend, which was paid to shareholders on February 14. The dividend was $0.75 per share, with January 31 marking the record date. Following this payment, Targa Resources has an annualized dividend of $3.00, translating to a yield of 1.49%. The current payout ratio stands at 52.26%.

Insider Activity at Targa Resources

In other updates, CEO Matthew J. Meloy sold 48,837 shares on February 25 at an average price of $195.08, totaling approximately $9.53 million. After this sale, he retained 725,628 shares valued at around $141.56 million. Additionally, insider D. Scott Pryor sold 35,000 shares on February 27 at an average price of $197.30, amounting to around $6.91 million. Following this transaction, Pryor holds 82,139 shares valued at $16.21 million. In total, insiders have sold 115,914 shares in the last ninety days, valued at approximately $22.61 million, while corporate insiders own around 1.39% of Targa Resources stock.

Company Overview

Targa Resources Corp. and its subsidiary Targa Resources Partners LP operate and develop a diverse portfolio of midstream infrastructure assets in North America. The company focuses on two main segments: Gathering and Processing, as well as Logistics and Transportation. Its activities include gathering, compressing, treating, processing, transporting, and selling natural gas, alongside the storage and transportation of natural gas liquids (NGL) and crude oil.

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