Pinebridge Investments L.P. Takes Position in Targa Resources Corp. (NYSE:TRGP)

Pinebridge Investments L.P. purchased a new stake in Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 24,714 shares of the pipeline company's stock, valued at approximately $4,411,000.

A number of other institutional investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its holdings in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after purchasing an additional 53,853 shares during the last quarter. Quantessence Capital LLC acquired a new stake in shares of Targa Resources in the 4th quarter valued at approximately $1,836,000. Harvest Investment Services LLC acquired a new position in Targa Resources during the fourth quarter valued at approximately $953,000. Nippon Life Global Investors Americas Inc. bought a new stake in Targa Resources in the fourth quarter valued at approximately $3,695,000. Finally, Hsbc Holdings PLC increased its stake in Targa Resources by 14.6% in the fourth quarter. Hsbc Holdings PLC now owns 718,022 shares of the pipeline company's stock valued at $128,181,000 after purchasing an additional 91,668 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares of the company's stock, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 in the last quarter. Company insiders own 1.34% of the company's stock.

Targa Resources Stock Performance

NYSE TRGP traded up $1.76 during trading on Monday, reaching $179.38. The company's stock had a trading volume of 1,363,174 shares, compared to its average volume of 1,731,384. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $39.03 billion, a price-to-earnings ratio of 31.25, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The firm has a 50 day moving average price of $184.97 and a 200 day moving average price of $188.34.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $4.41 billion during 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, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TRGP. Wells Fargo & Company lifted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Truist Financial lifted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Mizuho cut their price objective on shares of Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a research report on Monday. Barclays cut their price objective on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $210.07.

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.