Fusion Capital LLC Invests $238,000 in Targa Resources Corp. (NYSE:TRGP)

Fusion Capital LLC bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,335 shares of the pipeline company's stock, valued at approximately $238,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in shares of Targa Resources by 4.4% in 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 acquiring an additional 633,589 shares in the last quarter. National Bank of Canada FI lifted its position in Targa Resources by 75.4% in the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company's stock worth $89,413,000 after purchasing an additional 259,776 shares during the period. Allianz Asset Management GmbH boosted its stake in Targa Resources by 40.0% during the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company's stock valued at $158,957,000 after purchasing an additional 254,286 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Targa Resources by 599.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company's stock valued at $42,619,000 after purchasing an additional 246,762 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in shares of Targa Resources in the 4th quarter worth $41,222,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Buying and Selling at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the company'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 completion of the sale, the insider now owns 227,269 shares of the company's stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on TRGP shares. Mizuho raised their target price on Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th. Truist Financial lowered their price objective on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a research note on Friday, December 13th. Citigroup increased their target price on shares of Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Finally, Scotiabank assumed coverage on shares of Targa Resources in a research report on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $207.00.

Targa Resources Stock Down 3.1 %

Shares of TRGP traded down $6.23 during mid-day trading on Monday, reaching $195.49. The company's stock had a trading volume of 1,968,565 shares, compared to its average volume of 1,590,474. The company has a market cap of $42.64 billion, a price-to-earnings ratio of 34.06, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. The business has a fifty day moving average of $197.95 and a 200 day moving average of $178.65. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1 year low of $99.04 and a 1 year high of $218.51.

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

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's payout ratio is presently 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.