Sherbrooke Park Advisers LLC Invests $618,000 in Targa Resources Corp. (NYSE:TRGP)

Sherbrooke Park Advisers LLC acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,463 shares of the pipeline company's stock, valued at approximately $618,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Colonial Trust Co SC raised its holdings in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares in the last quarter. Atala Financial Inc acquired a new position in shares of Targa Resources during the 4th quarter worth $31,000. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources during the 4th quarter worth $31,000. Rakuten Securities Inc. raised its holdings in shares of Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after buying an additional 146 shares in the last quarter. Finally, Mizuho Bank Ltd. acquired a new position in shares of Targa Resources during the 4th quarter worth $36,000. Institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TRGP. Citigroup lowered their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Truist Financial upped their price target on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Mizuho reduced their price target on Targa Resources from $218.00 to $212.00 and set an "outperform" rating on the stock in a research report on Tuesday. Barclays reduced their price target on Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research report on Tuesday. Finally, Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $198.79.

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. This represents a 11.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value 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 approximately $16,206,024.70. This trade represents a 29.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is owned by company insiders.

Targa Resources Trading Down 1.7%

Shares of Targa Resources stock traded down $2.81 on Tuesday, hitting $161.82. 2,133,545 shares of the company's stock traded hands, compared to its average volume of 1,792,129. Targa Resources Corp. has a one year low of $113.65 and a one year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a fifty day moving average of $176.83 and a two-hundred day moving average of $188.32. The company has a market capitalization of $35.10 billion, a price-to-earnings ratio of 28.19, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. As a group, sell-side analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

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

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.