Targa Resources, Inc. $TRGP is BROOKFIELD Corp ON’s 8th Largest Position

BROOKFIELD Corp ON trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 12.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,462,383 shares of the pipeline company’s stock after selling 204,723 shares during the quarter. Targa Resources accounts for approximately 0.5% of BROOKFIELD Corp ON’s portfolio, making the stock its 8th biggest position. BROOKFIELD Corp ON’s holdings in Targa Resources were worth $366,663,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. State Street Corp lifted its position in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after buying an additional 162,878 shares during the last quarter. Geode Capital Management LLC boosted its stake in Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after buying an additional 45,495 shares during the period. Norges Bank acquired a new stake in shares of Targa Resources during the fourth quarter valued at about $735,758,000. Tortoise Capital Advisors L.L.C. raised its stake in shares of Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after acquiring an additional 572,562 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after acquiring an additional 1,075,246 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.37% of the company’s stock.

Targa Resources Trading Down 0.1%

Shares of TRGP stock opened at $281.04 on Monday. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a market capitalization of $60.32 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. The company has a 50 day moving average price of $269.86 and a 200 day moving average price of $242.40. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $291.04.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Equities research analysts predict that Targa Resources, Inc. will post 10.76 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Analyst Ratings Changes

TRGP has been the topic of several recent analyst reports. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a report on Friday, May 8th. Citigroup restated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Jefferies Financial Group started coverage on Targa Resources in a research report on Thursday, June 18th. They set a “buy” rating and a $314.00 price target for the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $310.00 price objective on shares of Targa Resources in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company boosted their price objective on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Seventeen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.00.

About Targa Resources

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.