Daiwa Securities Group Inc. Purchases 10,839 Shares of Targa Resources Corp. (NYSE:TRGP)

Daiwa Securities Group Inc. raised its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 28.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,562 shares of the pipeline company's stock after buying an additional 10,839 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Targa Resources were worth $8,846,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. MML Investors Services LLC increased its stake in 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 grew its stake in shares of Targa Resources by 85.7% in 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 grew its stake in shares of Targa Resources by 47.5% in the 3rd quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company's stock valued at $4,277,000 after purchasing an additional 9,307 shares during the period. Capital Investment Advisors LLC raised its holdings 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 buying an additional 5,431 shares in the last quarter. Finally, Atomi Financial Group Inc. bought a new position in shares of Targa Resources during the 4th quarter worth approximately $271,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Insiders Place Their Bets

In other news, Director Waters S. Iv Davis sold 2,190 shares of the firm'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 directly owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of the company's stock in a transaction dated 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 sale, the insider now owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. 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 1.44% of the company's stock.

Targa Resources Trading Up 1.5 %

TRGP stock opened at $181.06 on Wednesday. The business has a fifty day moving average of $198.83 and a 200-day moving average of $180.73. The company has a market cap of $39.49 billion, a P/E ratio of 31.54, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a twelve month low of $104.24 and a twelve month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Remove Ads

Targa Resources (NYSE:TRGP - Get Free Report) last released 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 business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. As a group, equities research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.66%. Targa Resources's payout ratio is presently 52.26%.

Analyst Ratings Changes

TRGP has been the topic of a number of analyst reports. US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. 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 report on Thursday, March 6th. Truist Financial decreased their price objective on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a research note on Friday, December 13th. Finally, Mizuho lifted their target price on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $206.43.

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.