Targa Resources Corp. (NYSE:TRGP) Shares Bought by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA raised its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 5.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,139,543 shares of the pipeline company's stock after purchasing an additional 115,288 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.96% of Targa Resources worth $185,862,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Addison Advisors LLC acquired a new position in Targa Resources in the 4th quarter worth approximately $27,000. VisionPoint Advisory Group LLC boosted its position in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company's stock valued at $34,000 after buying an additional 209 shares in the last quarter. EdgeRock Capital LLC acquired a new position in Targa Resources in the fourth quarter valued at about $42,000. Rational Advisors LLC acquired a new position in shares of Targa Resources during the third quarter worth approximately $43,000. Finally, Delos Wealth Advisors LLC acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of Targa Resources stock traded up $1.15 during trading on Wednesday, hitting $115.58. 1,509,055 shares of the company's stock traded hands, compared to its average volume of 1,699,948. The stock has a market capitalization of $25.63 billion, a P/E ratio of 23.78 and a beta of 2.19. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The business has a 50-day simple moving average of $112.00 and a 200-day simple moving average of $96.32. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.87.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS 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 analysts' expectations of $4.50 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. As a group, analysts forecast that Targa Resources Corp. will post 5.61 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.60%. Targa Resources's payout ratio is 61.73%.

Insider Buying and Selling at Targa Resources

In related news, insider Robert Muraro sold 10,000 shares of the company's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of the sale, the insider now directly owns 219,451 shares of the company's stock, valued at $21,354,776.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of the transaction, the insider now directly owns 219,451 shares of the company's stock, valued at approximately $21,354,776.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the transaction, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. Insiders have sold 114,657 shares of company stock worth $11,680,978 over the last quarter. Insiders own 1.44% of the company's stock.

Analyst Ratings Changes

TRGP has been the subject of several research reports. The Goldman Sachs Group increased their price objective 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. Scotiabank raised their price target on shares of Targa Resources from $112.00 to $128.00 and gave the stock a "sector outperform" rating in a research report on Monday, April 15th. Royal Bank of Canada raised their price target on shares of Targa Resources from $106.00 to $109.00 and gave the company an "outperform" rating in a research note on Monday, February 26th. Barclays lifted their target price on shares of Targa Resources from $116.00 to $122.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 9th. Finally, Truist Financial boosted their price target on shares of Targa Resources from $105.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $119.92.

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.