Magnetar Financial LLC Sells 1,423 Shares of Targa Resources Corp. (NYSE:TRGP)

Magnetar Financial LLC reduced its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 17.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,637 shares of the pipeline company's stock after selling 1,423 shares during the quarter. Magnetar Financial LLC's holdings in Targa Resources were worth $1,185,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TRGP. Atala Financial Inc acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $31,000. Rakuten Securities Inc. increased its stake in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after purchasing an additional 146 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in Targa Resources during the third quarter worth $35,000. Aspect Partners LLC lifted its stake in shares of Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after buying an additional 130 shares in the last quarter. Finally, Rosenberg Matthew Hamilton grew its holdings in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after buying an additional 89 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Truist Financial upped 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 raised their target price on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Barclays raised their price objective on Targa Resources from $204.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Morgan Stanley upped their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $211.00.

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Targa Resources Stock Performance

Targa Resources stock traded up $0.24 during midday trading on Tuesday, reaching $205.20. The stock had a trading volume of 1,428,305 shares, compared to its average volume of 1,569,928. The firm has a market capitalization of $44.76 billion, a PE ratio of 35.75, a P/E/G ratio of 0.61 and a beta of 2.32. 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's 50-day moving average price is $200.01 and its 200 day moving average price is $184.16. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly 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). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate 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 predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

Insiders Place Their Bets

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the 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 transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 in the last ninety days. 1.39% of the stock is currently owned by insiders.

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.