Bahl & Gaynor Inc. boosted its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 106.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 312,937 shares of the pipeline company's stock after acquiring an additional 161,097 shares during the period. Bahl & Gaynor Inc. owned about 0.14% of Targa Resources worth $27,185,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC boosted its holdings in shares of Targa Resources by 18.1% in the 3rd quarter. CWM LLC now owns 3,126 shares of the pipeline company's stock valued at $268,000 after purchasing an additional 480 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at $88,000. Czech National Bank boosted its holdings in shares of Targa Resources by 46.1% in the 3rd quarter. Czech National Bank now owns 39,100 shares of the pipeline company's stock valued at $3,352,000 after purchasing an additional 12,344 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of Targa Resources by 0.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 80,828 shares of the pipeline company's stock valued at $6,929,000 after purchasing an additional 653 shares during the last quarter. Finally, Spirit of America Management Corp NY boosted its holdings in shares of Targa Resources by 1.9% in the 3rd quarter. Spirit of America Management Corp NY now owns 47,300 shares of the pipeline company's stock valued at $4,055,000 after purchasing an additional 900 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.
Targa Resources Stock Down 0.7 %
Targa Resources stock traded down $0.82 during midday trading on Friday, hitting $116.86. 1,602,694 shares of the stock were exchanged, compared to its average volume of 1,732,265. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.87. The firm has a market cap of $26.01 billion, a P/E ratio of 31.84 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The company has a 50 day moving average price of $108.36 and a two-hundred day moving average price of $93.91.
Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. On average, sell-side analysts predict that Targa Resources Corp. will post 5.77 earnings per share for the current fiscal year.
Targa Resources Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a $0.75 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.57%. This is an increase from Targa Resources's previous quarterly dividend of $0.50. Targa Resources's payout ratio is presently 54.50%.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the stock. 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. Citigroup lifted their target price on shares of Targa Resources from $104.00 to $112.00 and gave the company a "buy" rating in a report on Wednesday, February 21st. Truist Financial lifted their target price 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. JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $122.00 to $125.00 and gave the company an "overweight" rating in a report on Wednesday, March 6th. Finally, Scotiabank lifted their target price on shares of Targa Resources from $112.00 to $128.00 and gave the company a "sector outperform" rating in a report on Monday, April 15th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $119.55.
View Our Latest Research Report on Targa Resources
Insider Activity at Targa Resources
In related news, CAO Julie H. Boushka sold 2,500 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares of the company's stock, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Julie H. Boushka sold 2,500 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares of the company's stock, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joe Bob Perkins sold 33,405 shares of the business's stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company's stock, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock valued at $7,987,215 in the last quarter. Insiders own 1.39% of the company's stock.
Targa Resources Profile
(
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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