MontVue Capital Management Inc. Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

MontVue Capital Management Inc. purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 8,075 shares of the pipeline company's stock, valued at approximately $701,000. Targa Resources makes up 0.7% of MontVue Capital Management Inc.'s investment portfolio, making the stock its 26th largest position.

A number of other large investors have also added to or reduced their stakes in the company. Harbour Investments Inc. increased its position in shares of Targa Resources by 51.3% in the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company's stock worth $31,000 after purchasing an additional 121 shares during the last quarter. Quarry LP bought a new stake in shares of Targa Resources in the 1st quarter worth about $33,000. VisionPoint Advisory Group LLC increased its position in shares of Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company's stock worth $34,000 after purchasing an additional 209 shares during the last quarter. Rational Advisors LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth about $43,000. Finally, Huntington National Bank increased its position in shares of Targa Resources by 124.4% in the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company's stock worth $46,000 after purchasing an additional 296 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Targa Resources stock traded up $1.14 during midday trading on Friday, reaching $112.92. 1,518,526 shares of the stock traded hands, compared to its average volume of 1,691,701. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The firm has a fifty day moving average price of $105.85 and a two-hundred day moving average price of $92.86. The firm has a market cap of $25.13 billion, a price-to-earnings ratio of 30.77 and a beta of 2.21. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $117.61.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. On average, equities research analysts forecast that Targa Resources Corp. will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.75 dividend. This is a positive change from Targa Resources's previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Monday, April 29th. Targa Resources's dividend payout ratio is currently 54.50%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 10,000 shares of the company's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company's stock, valued at approximately $15,141,506. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider D. Scott Pryor sold 10,000 shares of the company's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company's stock, valued at approximately $15,141,506. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of the company's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the sale, the director now directly owns 38,440 shares of the company's stock, valued at $3,754,434.80. The disclosure for this sale can be found here. In the last three months, insiders sold 81,966 shares of company stock valued at $7,987,215. Company insiders own 1.39% of the company's stock.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $105.00 to $117.00 and gave the stock a "buy" rating in a research report on Thursday, April 4th. Truist Financial lifted their price target on shares of Targa Resources from $105.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, March 20th. Mizuho lifted their price target on shares of Targa Resources from $105.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, April 3rd. Stifel Nicolaus lifted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, April 16th. Finally, UBS Group decreased their price target on shares of Targa Resources from $109.00 to $108.00 and set a "buy" rating for the company in a report on Thursday, January 18th. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $117.92.

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.