Los Angeles Capital Management LLC Has $37.70 Million Stock Position in Targa Resources, Inc. $TRGP

Los Angeles Capital Management LLC reduced its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 40.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,337 shares of the pipeline company’s stock after selling 138,783 shares during the period. Los Angeles Capital Management LLC owned approximately 0.10% of Targa Resources worth $37,700,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new position in Targa Resources during the fourth quarter valued at approximately $27,000. Olistico Wealth LLC acquired a new position in Targa Resources during the fourth quarter valued at approximately $27,000. Leonteq Securities AG acquired a new position in Targa Resources during the fourth quarter valued at approximately $31,000. Godfrey Financial Associates Inc. acquired a new position in shares of Targa Resources during the fourth quarter worth $37,000. Finally, Eagle Bay Advisors LLC acquired a new position in shares of Targa Resources during the fourth quarter worth $42,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on TRGP. Scotiabank upped their price target on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. TD Cowen upped their price target on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Mizuho upped their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $281.00 price target on shares of Targa Resources in a report on Tuesday, May 12th. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $269.21.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.37% of the stock is owned by insiders.

Targa Resources Stock Up 0.0%

Shares of NYSE:TRGP opened at $264.19 on Monday. The company has a market capitalization of $56.71 billion, a PE ratio of 26.71, a price-to-earnings-growth ratio of 1.35 and a beta of 0.72. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00. The company has a fifty day moving average of $253.46 and a 200-day moving average of $219.78. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, equities analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were issued a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.