Rossby Financial LCC Purchases New Stake in Targa Resources Corp. (NYSE:TRGP)

Rossby Financial LCC purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,775 shares of the pipeline company's stock, valued at approximately $317,000.

Several other institutional investors also recently bought and sold shares of TRGP. Barclays PLC grew its position in Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after acquiring an additional 168,602 shares in the last quarter. Virtu Financial LLC lifted its holdings in shares of Targa Resources by 39.4% during the third quarter. Virtu Financial LLC now owns 8,447 shares of the pipeline company's stock worth $1,250,000 after purchasing an additional 2,388 shares during the period. Fulcrum Equity Management boosted its holdings in Targa Resources by 7.1% in the 3rd quarter. Fulcrum Equity Management now owns 3,135 shares of the pipeline company's stock valued at $464,000 after purchasing an additional 208 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Targa Resources by 9.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 16,933 shares of the pipeline company's stock valued at $2,506,000 after purchasing an additional 1,463 shares in the last quarter. Finally, Sfmg LLC boosted its position in Targa Resources by 3.3% during the third quarter. Sfmg LLC now owns 3,131 shares of the pipeline company's stock worth $463,000 after purchasing an additional 100 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $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. In the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.34% of the company's stock.

Targa Resources Trading Up 1.0 %

NYSE TRGP traded up $1.80 during trading on Friday, hitting $174.48. 1,975,788 shares of the company's stock traded hands, compared to its average volume of 1,724,451. The stock has a fifty day moving average of $189.42 and a two-hundred day moving average of $187.18. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market cap of $37.97 billion, a P/E ratio of 30.40, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last posted 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). 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 during the quarter, compared to analysts' expectations of $4.48 billion. As a group, sell-side analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, April 28th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.28%. Targa Resources's payout ratio is currently 69.69%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TRGP shares. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Truist Financial raised 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. Morgan Stanley raised their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Finally, Mizuho upped their target price on Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. 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. According to data from MarketBeat.com, Targa Resources presently has an average rating of "Buy" and an average target price of $210.64.

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.