CenterBook Partners LP Boosts Holdings in Targa Resources Corp. (NYSE:TRGP)

CenterBook Partners LP increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 635.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 80,650 shares of the pipeline company's stock after acquiring an additional 69,687 shares during the quarter. Targa Resources comprises about 0.9% of CenterBook Partners LP's investment portfolio, making the stock its 20th largest holding. CenterBook Partners LP's holdings in Targa Resources were worth $14,396,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Atala Financial Inc acquired a new position in shares of Targa Resources during the 4th quarter worth $31,000. Rakuten Securities Inc. grew its position in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after acquiring an additional 146 shares during the last quarter. Mizuho Bank Ltd. acquired a new position in Targa Resources in the 4th quarter worth about $36,000. Aspect Partners LLC raised its position in 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 purchasing an additional 130 shares during 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 worth $48,000 after purchasing an additional 89 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Truist Financial boosted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Royal Bank of Canada increased their price target on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a report on Monday, March 3rd. Wells Fargo & Company increased 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. Finally, Morgan Stanley increased their target price on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. 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, Targa Resources has an average rating of "Buy" and a consensus price target of $210.64.

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Targa Resources Trading Up 0.6 %

Targa Resources stock traded up $1.05 during trading hours on Monday, reaching $164.61. The stock had a trading volume of 628,317 shares, compared to its average volume of 1,717,301. 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 company has a fifty day simple moving average of $192.02 and a 200-day simple moving average of $187.11. The stock has a market cap of $35.82 billion, a PE ratio of 28.68, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly 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). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.48 billion. Analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, April 28th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.29%. Targa Resources's dividend payout ratio (DPR) is 52.26%.

Insider Activity

In other news, insider D. Scott Pryor sold 35,000 shares of the 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 transaction, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now owns 2,899 shares of the company's stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 in the last 90 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.