1,335 Shares in Targa Resources Corp. (NYSE:TRGP) Acquired by Fusion Capital LLC

Fusion Capital LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,335 shares of the pipeline company’s stock, valued at approximately $238,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth $35,000. Aspect Partners LLC increased its holdings in Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after buying an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton raised its position in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in Targa Resources in the 4th quarter worth about $49,000. Finally, UMB Bank n.a. lifted its stake in Targa Resources by 39.6% during the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after acquiring an additional 106 shares during the period. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Down 1.5 %

Shares of TRGP stock opened at $195.51 on Friday. 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 stock has a fifty day simple moving average of $197.46 and a two-hundred day simple moving average of $177.65. The firm has a market capitalization of $42.64 billion, a PE ratio of 34.06, a PEG ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a 52-week low of $96.64 and a 52-week high of $218.51.

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

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. Targa Resources’s dividend payout ratio is 52.26%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TRGP shares. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Scotiabank started coverage on shares of Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. The Goldman Sachs Group raised their price target on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Barclays lifted their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Finally, Truist Financial lowered their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $205.43.

Insider Activity at Targa Resources

In related news, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the 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 of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Targa Resources 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.