Tidal Investments LLC Buys 1,980 Shares of Targa Resources Corp. (NYSE:TRGP)

Tidal Investments LLC increased its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 14.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,552 shares of the pipeline company's stock after buying an additional 1,980 shares during the quarter. Tidal Investments LLC's holdings in Targa Resources were worth $2,776,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Targa Resources in the 4th quarter valued at $505,132,000. GQG Partners LLC acquired a new stake in shares of Targa Resources in the 4th quarter valued at $393,335,000. Canada Pension Plan Investment Board increased its stake in shares of Targa Resources by 981.8% in 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 buying an additional 1,038,350 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Targa Resources in the 4th quarter valued at $150,372,000. Finally, TD Asset Management Inc. increased its stake in shares of Targa Resources by 568.7% in the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after buying an additional 825,267 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the company's stock in a transaction dated Thursday, February 27th. The stock was 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 $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 three months. Corporate insiders own 1.34% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TRGP shares. Wells Fargo & Company lifted their target price on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Citigroup decreased their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Royal Bank of Canada decreased their price objective on Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Finally, The Goldman Sachs Group decreased their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Thirteen research 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, the stock presently has an average rating of "Buy" and a consensus price target of $198.79.

Targa Resources Trading Up 0.9%

NYSE:TRGP traded up $1.36 on Friday, reaching $160.45. The company's stock had a trading volume of 1,475,529 shares, compared to its average volume of 1,801,970. Targa Resources Corp. has a 1-year low of $114.36 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a market cap of $34.81 billion, a PE ratio of 27.95, a PEG ratio of 0.61 and a beta of 1.22. The business's 50-day moving average price is $174.40 and its two-hundred day moving average price is $187.76.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly 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). The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

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.