Jefferies Financial Group Inc. Invests $16.81 Million in Targa Resources Corp. (NYSE:TRGP)

Jefferies Financial Group Inc. purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 94,196 shares of the pipeline company's stock, valued at approximately $16,814,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gotham Asset Management LLC raised its holdings in shares of Targa Resources by 235.0% during the fourth quarter. Gotham Asset Management LLC now owns 5,481 shares of the pipeline company's stock valued at $978,000 after acquiring an additional 3,845 shares in the last quarter. Focus Partners Wealth bought a new stake in Targa Resources in the fourth quarter valued at $273,000. FORA Capital LLC bought a new position in Targa Resources in the 4th quarter worth $203,000. Colonial Trust Co SC lifted its position in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after purchasing an additional 162 shares during the period. Finally, Corigliano Investment Advisers LLC bought a new stake in shares of Targa Resources during the 4th quarter valued at about $6,813,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Trading Down 0.3 %

NYSE:TRGP opened at $159.51 on Friday. The company has a market cap of $34.60 billion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. 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 company has a 50 day simple moving average of $178.73 and a two-hundred day simple moving average of $188.13. Targa Resources Corp. has a 12 month low of $112.27 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate 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 return on equity of 28.67% and a net margin of 7.81%. Research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a dividend of $1.00 per share. The ex-dividend date is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is 73.66%.

Analysts Set New Price Targets

TRGP has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Royal Bank of Canada reduced their price target on Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a research note on Thursday. Truist Financial raised their price objective on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Barclays reduced their target price on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $202.93.

Insider Buying and Selling at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their position. 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 stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.34% of the company's stock.

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.

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