Two Sigma Advisers LP Boosts Holdings in Targa Resources Corp. (NYSE:TRGP)

Two Sigma Advisers LP grew its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 855.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 115,600 shares of the pipeline company's stock after acquiring an additional 103,500 shares during the quarter. Two Sigma Advisers LP owned about 0.05% of Targa Resources worth $20,635,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TRGP. Norges Bank purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $505,132,000. GQG Partners LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $393,335,000. Canada Pension Plan Investment Board boosted its holdings in shares of Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after acquiring an additional 1,038,350 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth approximately $150,372,000. Finally, TD Asset Management Inc. boosted its holdings in shares of Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after buying an additional 825,267 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TRGP. The Goldman Sachs Group dropped their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Royal Bank of Canada dropped their price objective on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Barclays dropped their price objective on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a report on Tuesday. Truist Financial raised their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. Finally, Morgan Stanley raised their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $198.79.

Targa Resources Stock Performance

NYSE TRGP traded up $1.36 on Friday, reaching $160.45. 1,475,529 shares of the stock were exchanged, compared to its average volume of 1,798,477. Targa Resources Corp. has a one year low of $113.65 and a one year high of $218.51. The firm has a market capitalization of $34.81 billion, a PE ratio of 27.95, a PEG ratio of 0.61 and a beta of 1.22. The company's 50-day simple moving average is $174.40 and its two-hundred day simple moving average is $187.76. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

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

Targa Resources Dividend Announcement

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

Insider Activity

In other news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction 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. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 over the last quarter. Insiders own 1.34% 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.