Shell Asset Management Co. Purchases 2,163 Shares of Targa Resources Corp. (NYSE:TRGP)

Shell Asset Management Co. boosted its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 47.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 6,746 shares of the pipeline company's stock after purchasing an additional 2,163 shares during the period. Shell Asset Management Co.'s holdings in Targa Resources were worth $1,204,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Barclays PLC raised its position in shares of Targa Resources by 19.5% in the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after purchasing an additional 168,602 shares during the period. Park Avenue Securities LLC grew its stake in Targa Resources by 90.4% in the 4th quarter. Park Avenue Securities LLC now owns 3,119 shares of the pipeline company's stock valued at $557,000 after buying an additional 1,481 shares during the last quarter. Wealthcare Advisory Partners LLC acquired a new position in Targa Resources in the 4th quarter valued at about $223,000. Merit Financial Group LLC bought a new position in Targa Resources in the 4th quarter valued at about $216,000. Finally, HB Wealth Management LLC lifted its position in Targa Resources by 23.8% during the fourth quarter. HB Wealth Management LLC now owns 7,290 shares of the pipeline company's stock worth $1,301,000 after acquiring an additional 1,402 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

NYSE:TRGP traded down $1.57 during mid-day trading on Wednesday, reaching $160.37. The stock had a trading volume of 2,399,750 shares, compared to its average volume of 1,797,275. Targa Resources Corp. has a 12 month low of $113.65 and a 12 month high of $218.51. The stock has a market capitalization of $34.79 billion, a PE ratio of 27.94, a P/E/G ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a 50-day simple moving average of $176.42 and a two-hundred day simple moving average of $188.14.

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

Targa Resources Announces Dividend

The company also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio is presently 73.66%.

Insider Activity

In related news, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at $568,957.74. The trade was a 43.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TRGP has been the topic of several research reports. Morgan Stanley upped their target price on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Citigroup decreased their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Truist Financial boosted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Finally, Wells Fargo & Company raised their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $198.79.

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.