Summit Global Investments purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 30,271 shares of the pipeline company's stock, valued at approximately $5,403,000.
Other large investors have also added to or reduced their stakes in the company. Natixis Advisors LLC boosted its stake in shares of Targa Resources by 81.0% in the third quarter. Natixis Advisors LLC now owns 45,818 shares of the pipeline company's stock worth $6,782,000 after buying an additional 20,501 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Targa Resources by 51.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 14,106 shares of the pipeline company's stock worth $2,087,000 after purchasing an additional 4,769 shares in the last quarter. Prospera Financial Services Inc grew its stake in shares of Targa Resources by 73.3% during the 3rd quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company's stock worth $1,774,000 after purchasing an additional 5,067 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Targa Resources during the 3rd quarter valued at approximately $1,175,000. Finally, Avior Wealth Management LLC lifted its stake in shares of Targa Resources by 76.7% in the 3rd quarter. Avior Wealth Management LLC now owns 2,361 shares of the pipeline company's stock valued at $349,000 after purchasing an additional 1,025 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.
Analyst Ratings Changes
A number of research analysts have weighed in on TRGP shares. US Capital Advisors cut shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Morgan Stanley lifted their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Truist Financial increased their price target on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. The Goldman Sachs Group boosted their price objective on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Finally, Scotiabank dropped their price target on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $211.00.
Read Our Latest Research Report on TRGP
Insider Buying and Selling at Targa Resources
In related news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last quarter. 1.39% of the stock is owned by company insiders.
Targa Resources Trading Up 0.1 %
Shares of NYSE TRGP traded up $0.24 during midday trading on Tuesday, reaching $205.20. 1,428,305 shares of the stock were exchanged, compared to its average volume of 1,569,928. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. The stock has a market capitalization of $44.76 billion, a P/E ratio of 35.75, a PEG ratio of 0.61 and a beta of 2.32. The company has a 50 day simple moving average of $200.01 and a 200 day simple moving average of $184.16. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, equities analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.
Targa Resources Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.46%. Targa Resources's dividend payout ratio (DPR) is presently 52.26%.
About Targa Resources
(
Free Report)
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.
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