Targa Resources Corp. (NYSE:TRGP) is Tortoise Capital Advisors L.L.C.'s Largest Position

Tortoise Capital Advisors L.L.C. cut its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 7.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,377,544 shares of the pipeline company's stock after selling 334,834 shares during the quarter. Targa Resources comprises approximately 10.0% of Tortoise Capital Advisors L.L.C.'s investment portfolio, making the stock its biggest holding. Tortoise Capital Advisors L.L.C. owned 2.01% of Targa Resources worth $781,392,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in TRGP. Atala Financial Inc purchased a new stake in shares of Targa Resources in the 4th quarter valued at $31,000. Rakuten Securities Inc. boosted its holdings in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after purchasing an additional 146 shares during the last quarter. Mizuho Bank Ltd. acquired a new stake in Targa Resources during the 4th quarter worth about $36,000. Aspect Partners LLC grew its position in Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock worth $39,000 after purchasing an additional 130 shares during the period. Finally, Rosenberg Matthew Hamilton raised 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 valued at $48,000 after buying an additional 89 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 35,000 shares of the firm's stock in a transaction dated 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 sale, the insider now owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.34% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Morgan Stanley raised 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. Truist Financial lifted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Scotiabank lowered their price target on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Royal Bank of Canada lifted their price target on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research note on Monday, March 3rd. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $210.64.

Targa Resources Price Performance

Shares of Targa Resources stock traded up $4.52 during trading hours on Thursday, reaching $176.87. 1,330,705 shares of the company's stock were exchanged, compared to its average volume of 1,730,050. The business has a fifty day moving average of $186.79 and a two-hundred day moving average of $187.63. The company has a market capitalization of $38.48 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released 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). 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 during the quarter, compared to analyst estimates of $4.48 billion. As a group, research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, May 15th. Investors 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 69.69%.

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.