Harvest Investment Services LLC Buys Shares of 5,341 Targa Resources Corp. (NYSE:TRGP)

Harvest Investment Services LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,341 shares of the pipeline company's stock, valued at approximately $953,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. Norges Bank acquired a new position in shares of Targa Resources in the 4th quarter valued at $505,132,000. GQG Partners LLC acquired a new position in shares of Targa Resources in the fourth quarter worth about $393,335,000. Canada Pension Plan Investment Board increased its position in shares of Targa Resources by 981.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock worth $204,223,000 after acquiring an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth approximately $150,372,000. Finally, TD Asset Management Inc. raised its holdings in shares of Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after acquiring an additional 825,267 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TRGP. Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Morgan Stanley upped their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. Scotiabank decreased their target price on 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. Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Finally, Mizuho boosted 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. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Targa Resources currently has an average rating of "Buy" and a consensus price target of $210.64.

Targa Resources Trading Up 0.3 %

TRGP traded up $0.61 during mid-day trading on Friday, hitting $177.61. The stock had a trading volume of 1,591,327 shares, compared to its average volume of 1,732,342. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. The stock's fifty day simple moving average is $185.59 and its 200-day simple moving average is $187.90. The firm has a market capitalization of $38.65 billion, a price-to-earnings ratio of 30.94, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP - Get Free Report) last announced 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). The firm 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, research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources's payout ratio is currently 69.69%.

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 stock was sold at an average price of $197.30, for a total transaction 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 approximately $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were 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 $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. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last ninety days. 1.34% of the stock is currently owned by company insiders.

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.