6,064 Shares in Targa Resources Corp. (NYSE:TRGP) Purchased by Allstate Corp

Allstate Corp acquired a new stake in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,064 shares of the pipeline company’s stock, valued at approximately $1,082,000.

A number of other hedge funds also recently made changes to their positions in TRGP. DnB Asset Management AS raised its stake in Targa Resources by 0.4% in the 4th quarter. DnB Asset Management AS now owns 41,052 shares of the pipeline company’s stock valued at $7,328,000 after acquiring an additional 174 shares during the period. Level Four Advisory Services LLC bought a new position in shares of Targa Resources in the fourth quarter valued at about $262,000. Orion Portfolio Solutions LLC raised its position in shares of Targa Resources by 16.6% in the fourth quarter. Orion Portfolio Solutions LLC now owns 10,819 shares of the pipeline company’s stock valued at $1,931,000 after purchasing an additional 1,537 shares during the period. New Age Alpha Advisors LLC acquired a new stake in shares of Targa Resources during the 4th quarter worth about $73,000. Finally, Norges Bank bought a new stake in shares of Targa Resources during the 4th quarter worth about $505,132,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $197.69 on Monday. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The firm has a market capitalization of $43.12 billion, a price-to-earnings ratio of 34.44, a P/E/G ratio of 0.61 and a beta of 2.32. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm’s 50 day simple moving average is $199.31 and its 200 day simple moving average is $185.33.

Targa Resources (NYSE:TRGP) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $4.48 billion. As a group, research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. 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 1.52%. Targa Resources’s payout ratio is currently 52.26%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on TRGP shares. Truist Financial raised their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Mizuho upped their price objective on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. The Goldman Sachs Group lifted their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Citigroup upped their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $211.00.

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.