Townsquare Capital LLC Purchases 1,272 Shares of Targa Resources Corp. (NYSE:TRGP)

Townsquare Capital LLC increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 57.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,495 shares of the pipeline company’s stock after purchasing an additional 1,272 shares during the period. Townsquare Capital LLC’s holdings in Targa Resources were worth $624,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Barclays PLC boosted its position in shares of Targa Resources by 19.5% in the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock valued at $153,124,000 after acquiring an additional 168,602 shares during the period. Virtu Financial LLC boosted its holdings in Targa Resources by 39.4% in the 3rd quarter. Virtu Financial LLC now owns 8,447 shares of the pipeline company’s stock valued at $1,250,000 after purchasing an additional 2,388 shares during the period. Fulcrum Equity Management grew its position in shares of Targa Resources by 7.1% during the 3rd quarter. Fulcrum Equity Management now owns 3,135 shares of the pipeline company’s stock worth $464,000 after purchasing an additional 208 shares in the last quarter. Sfmg LLC increased its holdings in shares of Targa Resources by 3.3% during the third quarter. Sfmg LLC now owns 3,131 shares of the pipeline company’s stock worth $463,000 after purchasing an additional 100 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Targa Resources in the third quarter valued at approximately $145,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Barclays reduced their price target on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Royal Bank of Canada boosted their price target on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Scotiabank reduced their price objective on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Truist Financial boosted their target price 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. Finally, Wells Fargo & Company upped their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $210.64.

Targa Resources Stock Performance

NYSE TRGP opened at $174.48 on Friday. The company has a market capitalization of $37.97 billion, a price-to-earnings ratio of 30.40, a PEG ratio of 0.61 and a beta of 1.75. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. The stock has a fifty day simple moving average of $188.84 and a 200 day simple moving average of $187.59.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (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 for the quarter, compared to the consensus estimate of $4.48 billion. Sell-side analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.28%. Targa Resources’s dividend payout ratio (DPR) is presently 69.69%.

Insider Transactions at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction 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 completion of the sale, the director now owns 2,899 shares in the company, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 over the last three months. 1.34% of the stock is owned by company insiders.

About Targa Resources

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.