Advisory Services Network LLC Acquires 6,954 Shares of Targa Resources Corp. (NYSE:TRGP)

Advisory Services Network LLC raised its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 46.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,880 shares of the pipeline company’s stock after purchasing an additional 6,954 shares during the quarter. Advisory Services Network LLC’s holdings in Targa Resources were worth $3,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in TRGP. Atala Financial Inc purchased a new position in Targa Resources in the 4th quarter worth about $31,000. Rakuten Securities Inc. boosted its stake in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 146 shares during the period. Mizuho Bank Ltd. bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $36,000. Aspect Partners LLC boosted its position in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton boosted its position in shares of Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Targa Resources stock opened at $173.80 on Thursday. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. The stock’s fifty day moving average price is $193.55 and its two-hundred day moving average price is $186.73. 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 firm has a market cap of $37.82 billion, a PE ratio of 30.28, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $4.48 billion. As a group, research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on TRGP shares. Barclays lowered their price target on Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a research report on Wednesday. Royal Bank of Canada raised their price objective on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Citigroup raised their price objective on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. 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 report on Thursday, December 19th. Finally, Truist Financial lifted their target price on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $210.64.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction dated 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 transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last three months. Company insiders own 1.39% of the company’s stock.

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.