Cozad Asset Management Inc. Acquires New Stake in Targa Resources Corp. (NYSE:TRGP)

Cozad Asset Management Inc. purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,910 shares of the pipeline company's stock, valued at approximately $341,000.

A number of other hedge funds also recently bought and sold shares of the company. Counterpoint Mutual Funds LLC lifted its stake in shares of Targa Resources by 20.6% in the fourth quarter. Counterpoint Mutual Funds LLC now owns 9,955 shares of the pipeline company's stock valued at $1,777,000 after buying an additional 1,701 shares during the period. Parallel Advisors LLC lifted its stake in shares of Targa Resources by 7.1% in the fourth quarter. Parallel Advisors LLC now owns 4,802 shares of the pipeline company's stock valued at $857,000 after buying an additional 319 shares during the period. Cibc World Markets Corp lifted its stake in shares of Targa Resources by 16.1% in the fourth quarter. Cibc World Markets Corp now owns 33,942 shares of the pipeline company's stock valued at $6,059,000 after buying an additional 4,709 shares during the period. Basso Capital Management L.P. lifted its stake in shares of Targa Resources by 2.0% in the fourth quarter. Basso Capital Management L.P. now owns 5,000 shares of the pipeline company's stock valued at $892,000 after buying an additional 100 shares during the period. Finally, Altus Wealth Group LLC bought a new stake in shares of Targa Resources in the fourth quarter valued at about $224,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRGP has been the subject of several research reports. Truist Financial increased their target price on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday. Morgan Stanley increased their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Scotiabank cut their price target 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. US Capital Advisors cut shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Finally, The Goldman Sachs Group raised their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $211.00.

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Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company's stock.

Targa Resources Price Performance

Shares of NYSE TRGP traded down $2.27 during mid-day trading on Friday, hitting $197.25. 2,054,808 shares of the stock were exchanged, compared to its average volume of 1,574,437. The company has a market cap of $43.02 billion, a P/E ratio of 34.36, a PEG ratio of 0.61 and a beta of 2.32. The stock's fifty day simple moving average is $199.77 and its two-hundred day simple moving average is $182.87. 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 Corp. has a twelve month low of $110.09 and a twelve month high of $218.51.

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

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's dividend payout ratio is presently 52.26%.

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.