Vident Advisory LLC Buys 21,997 Shares of Targa Resources Corp. (NYSE:TRGP)

Vident Advisory LLC raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 445.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,930 shares of the pipeline company's stock after acquiring an additional 21,997 shares during the quarter. Vident Advisory LLC's holdings in Targa Resources were worth $4,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of TRGP. Virtus Investment Advisers Inc. bought a new position in shares of Targa Resources in the fourth quarter worth $214,000. Westwood Holdings Group Inc. increased its holdings in shares of Targa Resources by 13.9% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,031,518 shares of the pipeline company's stock worth $184,126,000 after purchasing an additional 125,542 shares during the period. Twinbeech Capital LP bought a new position in shares of Targa Resources in the fourth quarter worth $3,969,000. Two Sigma Advisers LP increased its holdings in shares of Targa Resources by 855.4% in the fourth quarter. Two Sigma Advisers LP now owns 115,600 shares of the pipeline company's stock worth $20,635,000 after purchasing an additional 103,500 shares during the period. Finally, Two Sigma Investments LP increased its holdings in shares of Targa Resources by 52.9% in the fourth quarter. Two Sigma Investments LP now owns 187,422 shares of the pipeline company's stock worth $33,455,000 after purchasing an additional 64,855 shares during the period. Institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 35,000 shares of the 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 completion of the transaction, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. The trade was a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last three months. Corporate insiders own 1.34% of the company's stock.

Targa Resources Trading Up 0.9%

Shares of Targa Resources stock traded up $1.36 during trading on Friday, reaching $160.45. 1,475,529 shares of the stock were exchanged, compared to its average volume of 1,798,477. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock's fifty day moving average is $174.40 and its 200 day moving average is $187.76. The firm has a market cap of $34.81 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 1 year low of $113.65 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share 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 analysts' expectations of $5.01 billion. As a group, 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 declared a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's payout ratio is currently 73.66%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a report on Tuesday. Citigroup cut their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Truist Financial upped their price target 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, Mizuho set a $212.00 price target on shares of Targa Resources and gave the company an "outperform" rating in a research report on Tuesday. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of "Buy" and an average target price of $198.79.

Targa Resources Company 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.