First Trust Advisors LP Purchases 69,266 Shares of Targa Resources Corp. (NYSE:TRGP)

First Trust Advisors LP grew its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 54.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 196,172 shares of the pipeline company's stock after purchasing an additional 69,266 shares during the period. First Trust Advisors LP owned approximately 0.09% of Targa Resources worth $35,017,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in TRGP. Atala Financial Inc purchased a new position in Targa Resources during the 4th quarter worth approximately $31,000. Rakuten Securities Inc. grew its stake in shares of Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after buying an additional 146 shares in the last quarter. Mizuho Bank Ltd. acquired a new position in Targa Resources in the fourth quarter worth approximately $36,000. Aspect Partners LLC raised its position in Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after acquiring an additional 130 shares in the last quarter. Finally, Rosenberg Matthew Hamilton increased its stake in shares of Targa Resources by 49.4% during the 4th 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 and hedge funds own 92.13% of the company's stock.

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of the company's 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 completion of the sale, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is currently owned by insiders.

Targa Resources Price Performance

Shares of NYSE TRGP traded up $1.76 during trading on Monday, reaching $179.38. The company had a trading volume of 1,363,174 shares, compared to its average volume of 1,731,384. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The business's 50 day moving average price is $185.59 and its 200-day moving average price is $188.24. The stock has a market cap of $39.03 billion, a PE ratio of 31.25, a PEG ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The firm 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%. Analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TRGP. Barclays cut their target price on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Morgan Stanley upped their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Finally, Scotiabank decreased their target price 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. Thirteen 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 price target of $210.07.

About Targa Resources

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.