ExodusPoint Capital Management LP Buys 13,549 Shares of Targa Resources Corp. (NYSE:TRGP)

ExodusPoint Capital Management LP grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 8.3% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 177,036 shares of the pipeline company's stock after acquiring an additional 13,549 shares during the quarter. ExodusPoint Capital Management LP owned about 0.08% of Targa Resources worth $31,601,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Atala Financial Inc bought a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Rakuten Securities Inc. raised its position in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after acquiring an additional 146 shares in the last quarter. Aspect Partners LLC boosted its position in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after purchasing an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton boosted its position in shares of Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after purchasing an additional 89 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $49,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Targa Resources stock traded up $0.04 during mid-day trading on Tuesday, reaching $165.32. The company had a trading volume of 1,444,660 shares, compared to its average volume of 1,693,147. The company has a 50 day moving average of $196.33 and a 200-day moving average of $186.83. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week 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. The firm has a market cap of $35.97 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 0.61 and a beta of 1.75.

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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 for the quarter, missing the consensus estimate 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 the consensus estimate of $4.48 billion. On average, sell-side analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's dividend payout ratio is presently 52.26%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Truist Financial raised their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. Royal Bank of Canada lifted their target price on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research note on Monday, March 3rd. The Goldman Sachs Group increased their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Citigroup lifted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Finally, Wells Fargo & Company lifted their price target 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. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources has a consensus rating of "Buy" and a consensus price target of $211.00.

Insider Activity at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company's stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on 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 owns 227,269 shares in the company, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by corporate 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.