Adage Capital Partners GP L.L.C. Has $36.36 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Adage Capital Partners GP L.L.C. reduced its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 1.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 203,700 shares of the pipeline company's stock after selling 2,800 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.09% of Targa Resources worth $36,360,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC raised its position in shares of Targa Resources by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock valued at $396,000 after purchasing an additional 67 shares during the period. Mather Group LLC. grew its holdings in Targa Resources by 2.3% in the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock worth $540,000 after acquiring an additional 68 shares during the last quarter. Keybank National Association OH lifted its stake in Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock worth $3,470,000 after acquiring an additional 70 shares during the period. Huntington National Bank increased its position in shares of Targa Resources by 16.5% during the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock valued at $99,000 after buying an additional 79 shares during the period. Finally, Catalina Capital Group LLC boosted its position in shares of Targa Resources by 3.9% during the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company's stock valued at $400,000 after purchasing an additional 85 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TRGP shares. Royal Bank of Canada boosted their target price on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research report on Monday, March 3rd. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. Barclays decreased their price objective on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Wells Fargo & Company increased their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Finally, Scotiabank lowered their target price on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $210.07.

Targa Resources Stock Up 1.0 %

NYSE:TRGP traded up $1.76 during mid-day trading on Monday, hitting $179.38. The company had a trading volume of 1,363,174 shares, compared to its average volume of 1,731,384. The business has a fifty day simple moving average of $185.59 and a 200-day simple moving average of $188.24. The firm has a market capitalization of $39.03 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 0.61 and a beta of 1.75. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51.

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

Targa Resources Dividend Announcement

The firm also recently announced a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources's payout ratio is currently 69.69%.

Insider Activity at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources 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 transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider D. Scott Pryor sold 35,000 shares of the company's stock in a transaction 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 directly owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. Corporate insiders own 1.34% of the company's stock.

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.