Pallas Capital Advisors LLC Boosts Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Pallas Capital Advisors raised its stake in Targa Resources by 20.3% in Q4 to 27,708 shares valued at $5.11 million, and institutional investors now own about 92.13% of the stock.
• Analysts are broadly bullish—two rate it Strong Buy, thirteen Buy and three Hold—with a consensus target of $252.57 and several firms (RBC, Truist, Barclays, Stifel) raising price targets or reaffirming Outperform/Buy ratings.
• Company insiders have been net sellers recently, offloading 104,929 shares worth about $24.7 million in the past 90 days, including large sales by Patrick J. Mcdonie and President Jennifer R. Kneale.

Pallas Capital Advisors LLC lifted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 20.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,708 shares of the pipeline company's stock after acquiring an additional 4,685 shares during the period. Pallas Capital Advisors LLC's holdings in Targa Resources were worth $5,112,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Woodline Partners LP grew its holdings in Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock valued at $3,693,000 after buying an additional 5,327 shares in the last quarter. Focus Partners Wealth increased its position in shares of Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after buying an additional 2,404 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in shares of Targa Resources by 2.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 8,431 shares of the pipeline company's stock worth $1,468,000 after buying an additional 176 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Targa Resources by 45.7% in the second quarter. Advisors Asset Management Inc. now owns 9,818 shares of the pipeline company's stock worth $1,709,000 after buying an additional 3,079 shares in the last quarter. Finally, Vinva Investment Management Ltd boosted its position in shares of Targa Resources by 46.9% in the second quarter. Vinva Investment Management Ltd now owns 15,105 shares of the pipeline company's stock valued at $2,634,000 after acquiring an additional 4,822 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRGP has been the subject of several recent analyst reports. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research note on Tuesday, February 24th. Royal Bank Of Canada increased their target price on shares of Targa Resources from $218.00 to $260.00 and gave the stock an "outperform" rating in a research note on Friday, February 27th. Barclays restated an "overweight" rating and set a $226.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Truist Financial assumed coverage on shares of Targa Resources in a report on Tuesday. They issued a "buy" rating and a $279.00 price target on the stock. Finally, Stifel Nicolaus increased their price objective on Targa Resources from $213.00 to $243.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Targa Resources has an average rating of "Moderate Buy" and a consensus target price of $252.57.

Insider Activity at Targa Resources

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the transaction, the insider owned 305,163 shares of the company's stock, valued at $73,043,815.68. This represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Jennifer R. Kneale sold 29,509 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the transaction, the president owned 235,260 shares of the company's stock, valued at approximately $54,138,031.20. This represents a 11.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock worth $24,692,134 over the last 90 days. 1.34% of the stock is owned by insiders.

Targa Resources Stock Up 0.0%

Shares of TRGP opened at $250.57 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $253.40. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The stock has a 50 day simple moving average of $223.17 and a two-hundred day simple moving average of $188.41. The firm has a market cap of $53.86 billion, a P/E ratio of 29.17, a P/E/G ratio of 1.64 and a beta of 0.84.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly 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 net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. On average, analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources's dividend payout ratio is 46.57%.

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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