Sagespring Wealth Partners LLC Acquires New Holdings in Targa Resources Corp. (NYSE:TRGP)

Sagespring Wealth Partners LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,646 shares of the pipeline company's stock, valued at approximately $472,000.

Several other hedge funds also recently made changes to their positions in TRGP. Atala Financial Inc purchased a new position in Targa Resources in the 4th quarter valued at approximately $31,000. Rakuten Securities Inc. raised its position in Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after acquiring an additional 146 shares during the last quarter. Mizuho Bank Ltd. purchased a new stake in shares of Targa Resources in the fourth quarter valued at about $36,000. Aspect Partners LLC increased its stake in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock worth $39,000 after purchasing an additional 130 shares in the last quarter. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after acquiring an additional 89 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company's stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays cut their price target on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Scotiabank lowered their price target on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a report on Thursday, March 6th. Truist Financial raised their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Mizuho lifted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, Morgan Stanley boosted their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of "Buy" and a consensus target price of $210.64.

Targa Resources Trading Down 3.5 %

NYSE TRGP traded down $6.13 on Monday, hitting $168.44. 90,547 shares of the company were exchanged, compared to its average volume of 1,718,709. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. The company's 50 day moving average price is $188.84 and its 200-day moving average price is $187.81. The firm has a market capitalization of $36.65 billion, a P/E ratio of 29.33, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results 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). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.28%. Targa Resources's dividend payout ratio (DPR) is 69.69%.

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.