Polymer Capital Management US LLC Buys New Position in Targa Resources Corp. (NYSE:TRGP)

Polymer Capital Management US LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,016 shares of the pipeline company’s stock, valued at approximately $717,000.

Other large investors have also modified their holdings of the company. MML Investors Services LLC raised its holdings in shares of 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 buying an additional 10,100 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after buying an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC increased its position 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 worth $1,476,000 after purchasing an additional 5,431 shares during the period. Atomi Financial Group Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $271,000. Finally, Segment Wealth Management LLC raised its position in shares of Targa Resources by 2,753.4% during the 4th quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock valued at $9,876,000 after acquiring an additional 53,389 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the firm’s 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 of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on TRGP shares. Mizuho upped their price target on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Scotiabank cut their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Truist Financial lifted their target price on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Barclays raised their price target on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Finally, The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $211.00.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $160.64 on Monday. The business has a fifty day moving average price of $197.03 and a two-hundred day moving average price of $186.74. The stock has a market capitalization of $34.95 billion, a PE ratio of 27.99, a P/E/G ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51.

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

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders 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 1.87%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

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.