Two Sigma Investments LP lifted its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 52.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 187,422 shares of the pipeline company's stock after acquiring an additional 64,855 shares during the period. Two Sigma Investments LP owned approximately 0.09% of Targa Resources worth $33,455,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in TRGP. Barclays PLC raised its position in shares of Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock worth $153,124,000 after acquiring an additional 168,602 shares in the last quarter. Park Avenue Securities LLC increased its position 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 in the last quarter. Wealthcare Advisory Partners LLC bought a new stake in Targa Resources in the 4th quarter valued at about $223,000. Merit Financial Group LLC bought a new stake in Targa Resources in the 4th quarter valued at about $216,000. Finally, HB Wealth Management LLC increased its position in Targa Resources by 23.8% in the 4th quarter. HB Wealth Management LLC now owns 7,290 shares of the pipeline company's stock valued at $1,301,000 after buying an additional 1,402 shares in the last quarter. 92.13% of the stock is owned by institutional investors.
Insider Transactions at Targa Resources
In other news, CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. Insiders own 1.34% of the company's stock.
Targa Resources Stock Up 0.9%
Shares of TRGP traded up $1.36 during trading hours on Friday, reaching $160.45. 1,475,529 shares of the stock traded hands, compared to its average volume of 1,798,477. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a fifty day simple moving average of $174.40 and a 200 day simple moving average of $187.76. Targa Resources Corp. has a 52 week low of $113.65 and a 52 week high of $218.51. The company has a market cap of $34.81 billion, a price-to-earnings ratio of 27.95, a PEG ratio of 0.61 and a beta of 1.22.
Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly 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 net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, equities analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.
Targa Resources Announces Dividend
The firm also recently announced a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were paid a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's payout ratio is presently 73.66%.
Analyst Upgrades and Downgrades
A number of analysts recently commented on TRGP shares. Wells Fargo & Company boosted their target price on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Mizuho set a $212.00 target price on Targa Resources and gave the company an "outperform" rating in a research report on Tuesday. The Goldman Sachs Group decreased their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Truist Financial boosted their target price on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Finally, US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $198.79.
Get Our Latest Analysis on TRGP
About Targa Resources
(
Free Report)
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.
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