Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC grew its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 30.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,024 shares of the pipeline company's stock after purchasing an additional 6,589 shares during the period. Commonwealth Equity Services LLC's holdings in Targa Resources were worth $5,002,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. MML Investors Services LLC raised its stake in shares of Targa Resources by 65.1% in the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock valued at $3,791,000 after acquiring an additional 10,100 shares during the period. Nordea Investment Management AB increased its position in Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock valued at $5,070,000 after purchasing an additional 13,167 shares during the period. Cerity Partners LLC raised its stake in Targa Resources by 47.5% in the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company's stock worth $4,277,000 after buying an additional 9,307 shares in the last quarter. Capital Investment Advisors LLC raised its position in shares of Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock worth $1,476,000 after acquiring an additional 5,431 shares in the last quarter. Finally, Atomi Financial Group Inc. purchased a new stake in shares of Targa Resources during the fourth quarter valued at about $271,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

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Targa Resources Price Performance

TRGP stock traded down $3.66 during midday trading on Wednesday, reaching $201.91. The stock had a trading volume of 1,280,654 shares, compared to its average volume of 1,649,440. The company has a market cap of $44.04 billion, a price-to-earnings ratio of 35.18, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. 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 52-week low of $110.09 and a 52-week high of $218.51. The company's fifty day simple moving average is $200.01 and its 200 day simple moving average is $184.16.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly 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 analysts' expectations of $4.48 billion. As a group, sell-side analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources's dividend payout ratio is presently 52.26%.

Analysts Set New Price Targets

Several analysts have recently commented on TRGP shares. The Goldman Sachs Group increased their price objective on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. Morgan Stanley raised their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Mizuho lifted their target price on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Finally, Truist Financial upped their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Targa Resources currently has an average rating of "Buy" and a consensus price target of $211.00.

Insider Activity

In other news, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now owns 2,899 shares of the company's stock, valued at $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares of the company's stock, valued at $43,731,100.98. The trade was 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 valued at $22,613,288. 1.39% of the stock is currently owned by insiders.

About Targa Resources

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.