13,200 Shares in Targa Resources, Inc. $TRGP Bought by Skylands Capital LLC

Key Points

• Skylands Capital LLC initiated a new position in Targa Resources (NYSE:TRGP), purchasing 13,200 shares worth about $2.435 million; institutional investors now own roughly 92.13% of the stock.
• There has been notable insider selling: Robert Muraro sold 24,589 shares and D. Scott Pryor sold 17,500 shares, with insiders offloading 104,929 shares valued at $24.69 million in the last quarter, leaving insiders owning 1.37%.
• Targa raised its quarterly dividend to $1.25 (annualized $5.00, ~2.1% yield), and Wall Street sentiment is largely positive with a consensus "Moderate Buy" and an average price target of about $259.93 after multiple analysts raised targets.

Skylands Capital LLC acquired a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 13,200 shares of the pipeline company's stock, valued at approximately $2,435,000.

A number of other institutional investors have also recently bought and sold shares of the business. Olistico Wealth LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $27,000. Peoples Financial Services CORP. bought a new position in Targa Resources during the third quarter valued at $34,000. Eagle Bay Advisors LLC purchased a new stake in Targa Resources in the fourth quarter worth $42,000. Root Financial Partners LLC purchased a new stake in Targa Resources in the third quarter worth $39,000. Finally, Avion Wealth raised its stake in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company's stock valued at $46,000 after buying an additional 228 shares during the period. Institutional investors own 92.13% of the company's stock.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 24,589 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the sale, the insider owned 197,401 shares of the company's stock, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the sale, the insider owned 31,938 shares in the company, valued at $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock valued at $24,692,134 in the last quarter. 1.37% of the stock is currently owned by company insiders.

Targa Resources Stock Performance

Shares of TRGP opened at $241.41 on Tuesday. The stock's 50-day simple moving average is $239.10 and its 200 day simple moving average is $199.89. The stock has a market capitalization of $51.85 billion, a price-to-earnings ratio of 28.10, a price-to-earnings-growth ratio of 1.56 and a beta of 0.81. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $253.87.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Research analysts forecast that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be paid a dividend of $1.25 per share. This is an increase from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources's dividend payout ratio is presently 58.21%.

Wall Street Analyst Weigh In

TRGP has been the subject of several research reports. Citigroup increased their price target on Targa Resources from $200.00 to $262.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Scotiabank upped their price objective on shares of Targa Resources from $246.00 to $249.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Wells Fargo & Company increased their target price on shares of Targa Resources from $248.00 to $264.00 and gave the stock an "overweight" rating in a research report on Friday, March 13th. UBS Group lifted their target price on shares of Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a research note on Tuesday, March 24th. Finally, Morgan Stanley boosted their price target on shares of Targa Resources from $298.00 to $327.00 and gave the company an "overweight" rating in a research report on Tuesday, April 7th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and an average target price of $259.93.

About Targa Resources

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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