Greenland Capital Management LP Purchases Shares of 4,244 Targa Resources Corp. (NYSE:TRGP)

Greenland Capital Management LP acquired a new stake in Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,244 shares of the pipeline company's stock, valued at approximately $758,000.

A number of other institutional investors have also made changes to their positions in the business. Coldstream Capital Management Inc. increased its holdings in Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company's stock worth $1,153,000 after buying an additional 66 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock valued at $396,000 after purchasing an additional 67 shares during the last quarter. Mather Group LLC. grew its holdings in Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock worth $540,000 after purchasing an additional 68 shares during the period. Keybank National Association OH raised its stake in Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after buying an additional 70 shares during the period. Finally, Huntington National Bank lifted its holdings in Targa Resources by 16.5% during the 4th quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock valued at $99,000 after purchasing an additional 79 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent research reports. Scotiabank lowered their price target on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 6th. Royal Bank of Canada increased their target price on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a report on Monday, March 3rd. Truist Financial boosted their price target on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, The Goldman Sachs Group boosted their price target on Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $210.64.

Targa Resources Trading Up 0.8 %

Shares of NYSE:TRGP traded up $1.37 during midday trading on Monday, reaching $164.93. The company's stock had a trading volume of 566,932 shares, compared to its average volume of 1,907,385. The firm has a market capitalization of $35.89 billion, a price-to-earnings ratio of 28.73, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The firm has a 50 day moving average price of $192.02 and a two-hundred day moving average price of $187.11. 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 issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. As a group, analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.29%. Targa Resources's dividend payout ratio (DPR) is currently 52.26%.

Insiders Place Their Bets

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company's stock.

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.