Corigliano Investment Advisers LLC Acquires New Shares in Targa Resources Corp. (NYSE:TRGP)

Corigliano Investment Advisers LLC acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 38,170 shares of the pipeline company's stock, valued at approximately $6,813,000. Targa Resources comprises approximately 3.3% of Corigliano Investment Advisers LLC's investment portfolio, making the stock its 13th biggest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Atala Financial Inc purchased a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources in the fourth quarter valued at $31,000. Rakuten Securities Inc. increased its position in shares of 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 buying an additional 146 shares in the last quarter. Mizuho Bank Ltd. purchased a new position in shares of Targa Resources in the fourth quarter valued at $36,000. Finally, Aspect Partners LLC increased 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 in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on TRGP shares. Mizuho dropped their price objective on Targa Resources from $226.00 to $218.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Scotiabank dropped their price objective on Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating for the company in a research report on Tuesday, April 29th. Royal Bank of Canada decreased their price target on Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a research note on Thursday. Morgan Stanley raised their price target 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, Truist Financial raised their price target on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Thirteen 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, the stock has a consensus rating of "Buy" and an average target price of $202.93.

Targa Resources Price Performance

TRGP stock traded up $4.71 during trading on Monday, hitting $164.27. The company had a trading volume of 1,293,855 shares, compared to its average volume of 1,770,764. The company has a fifty day moving average price of $178.73 and a two-hundred day moving average price of $188.27. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $35.64 billion, a P/E ratio of 28.61, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a fifty-two week low of $112.27 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a $1.00 dividend. The ex-dividend date is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio is presently 73.66%.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the 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 completion of the transaction, the insider now directly owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. This represents a 29.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the 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 transaction, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by insiders.

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.