Capital Investment Advisors LLC Raises Position in Targa Resources Corp. (NYSE:TRGP)

Capital Investment Advisors LLC increased its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 191.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,268 shares of the pipeline company's stock after buying an additional 5,431 shares during the period. Capital Investment Advisors LLC's holdings in Targa Resources were worth $1,476,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its position 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 buying an additional 633,589 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Targa Resources during the second quarter worth about $72,345,000. Dimensional Fund Advisors LP lifted its stake in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock valued at $296,647,000 after buying an additional 271,444 shares in the last quarter. National Bank of Canada FI boosted its holdings in Targa Resources by 75.4% in the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company's stock worth $89,413,000 after buying an additional 259,776 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company's stock worth $42,619,000 after buying an additional 246,762 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 1.9 %

Shares of NYSE TRGP traded up $3.87 during midday trading on Wednesday, reaching $205.25. 1,444,744 shares of the stock were exchanged, compared to its average volume of 1,481,783. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The stock has a market capitalization of $44.76 billion, a P/E ratio of 37.12, a PEG ratio of 0.73 and a beta of 2.30. The company has a 50 day simple moving average of $190.21 and a 200 day simple moving average of $162.26. 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 posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the business earned $0.97 earnings per share. As a group, equities analysts expect that Targa Resources Corp. will post 6.26 earnings per share for the current year.

Analysts Set New Price Targets

TRGP has been the topic of several research reports. The Goldman Sachs Group raised their target price on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. US Capital Advisors lowered Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a "buy" rating and a $182.00 target price for the company. Scotiabank assumed coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 price target on the stock. Finally, Truist Financial lowered their price target on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, December 13th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $189.21.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company's stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.44% of the stock is owned by insiders.

Targa Resources Company 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.