Whittier Trust Co. of Nevada Inc. Acquires New Shares in Targa Resources Corp. (NYSE:TRGP)

Whittier Trust Co. of Nevada Inc. bought a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 140,250 shares of the pipeline company's stock, valued at approximately $25,035,000. Whittier Trust Co. of Nevada Inc. owned 0.06% of Targa Resources at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Teacher Retirement System of Texas grew its position in Targa Resources by 231.7% during the fourth quarter. Teacher Retirement System of Texas now owns 71,119 shares of the pipeline company's stock valued at $12,695,000 after acquiring an additional 49,680 shares during the period. Royal London Asset Management Ltd. raised its stake in shares of Targa Resources by 17.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 80,104 shares of the pipeline company's stock valued at $14,299,000 after acquiring an additional 11,738 shares during the period. Vinva Investment Management Ltd lifted its holdings in shares of Targa Resources by 10.6% during the 4th quarter. Vinva Investment Management Ltd now owns 10,354 shares of the pipeline company's stock valued at $1,841,000 after acquiring an additional 994 shares in the last quarter. Xponance Inc. boosted its position in Targa Resources by 37.0% during the 4th quarter. Xponance Inc. now owns 65,912 shares of the pipeline company's stock worth $11,765,000 after purchasing an additional 17,796 shares during the period. Finally, Generali Asset Management SPA SGR acquired a new stake in Targa Resources in the 4th quarter valued at $5,079,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

A number of brokerages have commented on TRGP. Mizuho upped their target price on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research report on Monday, March 3rd. Morgan Stanley boosted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Scotiabank decreased their target price on shares of 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. Finally, 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 note on Tuesday, March 18th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $211.00.

Targa Resources Stock Performance

Shares of Targa Resources stock traded up $0.24 during trading hours on Tuesday, reaching $205.20. The company's stock had a trading volume of 1,428,305 shares, compared to its average volume of 1,572,038. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. The company's 50 day simple moving average is $199.93 and its 200 day simple moving average is $183.75. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market cap of $44.76 billion, a P/E ratio of 35.75, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources's payout ratio is 52.26%.

Insider Buying and Selling

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm'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 value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares of the company's stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred 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 owns 82,139 shares in the company, 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 ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company's stock.

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.