KLP Kapitalforvaltning AS Invests $14.35 Million in Targa Resources Corp. (NYSE:TRGP)

KLP Kapitalforvaltning AS bought a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 80,400 shares of the pipeline company's stock, valued at approximately $14,351,000.

A number of other hedge funds have also added to or reduced their stakes in TRGP. Thrivent Financial for Lutherans increased its position in Targa Resources by 51.1% during the third quarter. Thrivent Financial for Lutherans now owns 14,106 shares of the pipeline company's stock valued at $2,087,000 after acquiring an additional 4,769 shares during the last quarter. Nwam LLC bought a new stake in shares of Targa Resources during the 3rd quarter valued at about $310,000. Cerity Partners LLC increased its position in shares of Targa Resources by 47.5% during 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 last quarter. Kingsview Wealth Management LLC grew its position in Targa Resources by 764.1% during the third quarter. Kingsview Wealth Management LLC now owns 24,661 shares of the pipeline company's stock valued at $3,650,000 after buying an additional 21,807 shares during the period. Finally, Summit Trail Advisors LLC increased its holdings in Targa Resources by 10.3% during the third quarter. Summit Trail Advisors LLC now owns 4,022 shares of the pipeline company's stock valued at $595,000 after buying an additional 376 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Scotiabank reduced their price objective 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. The Goldman Sachs Group boosted their price objective on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. US Capital Advisors downgraded shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Citigroup increased their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Finally, Truist Financial lifted 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, March 18th. One 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 stock. Based on data from MarketBeat, Targa Resources has an average rating of "Buy" and a consensus price target of $211.00.

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Insiders Place Their Bets

In other news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources 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 owns 2,899 shares of the company's stock, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 over the last ninety days. 1.39% of the stock is owned by insiders.

Targa Resources Price Performance

Shares of NYSE:TRGP traded up $0.24 during mid-day trading on Tuesday, reaching $205.20. The stock had a trading volume of 1,428,305 shares, compared to its average volume of 1,570,742. The business's 50 day moving average price is $199.93 and its 200 day moving average price is $183.75. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The company has a market cap of $44.76 billion, a P/E ratio of 35.75, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 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 firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources's payout ratio is 52.26%.

Targa Resources 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.