Three Seasons Wealth LLC Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

Three Seasons Wealth LLC purchased a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,004 shares of the pipeline company's stock, valued at approximately $2,857,000. Targa Resources comprises about 1.4% of Three Seasons Wealth LLC's portfolio, making the stock its 18th largest position.

A number of other hedge funds have also recently modified their holdings of TRGP. Norges Bank purchased a new stake in shares of Targa Resources in the 4th quarter worth about $505,132,000. GQG Partners LLC purchased a new position in shares of Targa Resources during the fourth quarter valued at about $393,335,000. Canada Pension Plan Investment Board increased its position in shares of Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after buying an additional 1,038,350 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Targa Resources during the fourth quarter valued at about $150,372,000. Finally, TD Asset Management Inc. increased its position in shares of Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after buying an additional 825,267 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TRGP. Truist Financial boosted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Citigroup boosted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Barclays dropped their price objective on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. Finally, Scotiabank dropped their price objective on shares of Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating on the stock in a research note on Tuesday. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Targa Resources has an average rating of "Buy" and an average price target of $209.29.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.34% of the company's stock.

Targa Resources Stock Performance

NYSE:TRGP traded down $8.24 during trading hours on Wednesday, reaching $168.87. The company had a trading volume of 1,232,273 shares, compared to its average volume of 1,731,449. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The firm has a market cap of $36.74 billion, a price-to-earnings ratio of 29.42, a PEG ratio of 0.61 and a beta of 1.75. The firm's 50 day moving average price is $184.43 and its 200-day moving average price is $188.27.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. On average, analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be given a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources's dividend payout ratio (DPR) is presently 69.69%.

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.