Pacer Advisors Inc. Has $7.20 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Pacer Advisors Inc. raised its stake in Targa Resources Corp. (NYSE:TRGP) by 23.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,353 shares of the pipeline company’s stock after acquiring an additional 7,654 shares during the quarter. Pacer Advisors Inc.’s holdings in Targa Resources were worth $7,203,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of TRGP. MML Investors Services LLC raised its position in Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after purchasing an additional 10,100 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Targa Resources by 85.7% in the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after buying an additional 13,167 shares during the period. Braun Stacey Associates Inc. bought a new stake in shares of Targa Resources during the third quarter worth $11,042,000. Capital Investment Advisors LLC boosted its holdings in Targa Resources by 191.4% in the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after acquiring an additional 5,431 shares during the last quarter. Finally, Metis Global Partners LLC boosted its holdings in Targa Resources by 12.7% in the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after acquiring an additional 2,890 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TRGP. Truist Financial cut their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company lifted their price objective on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $189.21.

Targa Resources Stock Performance

Shares of TRGP opened at $203.33 on Thursday. The firm has a market cap of $44.34 billion, a P/E ratio of 36.77, a PEG ratio of 0.63 and a beta of 2.30. Targa Resources Corp. has a twelve month low of $84.33 and a twelve month high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm’s 50 day moving average price is $193.44 and its two-hundred day moving average price is $167.69.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the firm posted $0.97 EPS. On average, analysts forecast that Targa Resources Corp. will post 6.42 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. Targa Resources’s payout ratio is presently 54.25%.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

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.