Cullen Frost Bankers Inc. Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

Cullen Frost Bankers Inc. bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 400 shares of the pipeline company’s stock, valued at approximately $71,000.

Several other institutional investors and hedge funds also recently bought and sold shares of TRGP. Wellington Management Group LLP lifted its position in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. National Bank of Canada FI raised its holdings in Targa Resources by 75.4% during the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after acquiring an additional 259,776 shares during the period. Allianz Asset Management GmbH raised its holdings in Targa Resources by 40.0% during the fourth quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock valued at $158,957,000 after acquiring an additional 254,286 shares during the period. Proficio Capital Partners LLC bought a new stake in Targa Resources during the fourth quarter valued at about $41,222,000. Finally, Los Angeles Capital Management LLC raised its holdings in Targa Resources by 69.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 472,079 shares of the pipeline company’s stock valued at $84,266,000 after acquiring an additional 194,180 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on TRGP shares. Wells Fargo & Company raised their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Citigroup raised their price target on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Mizuho raised their price target on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Truist Financial decreased their price target 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 given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average price target of $206.43.

Insiders Place Their Bets

In other news, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction that occurred 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 owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s 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 transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 over the last ninety days. 1.39% of the stock is owned by insiders.

Targa Resources Trading Down 0.0 %

Shares of NYSE TRGP opened at $181.93 on Monday. The business’s 50 day moving average is $198.77 and its two-hundred day moving average is $180.22. 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 1-year low of $103.18 and a 1-year high of $218.51. The stock has a market capitalization of $39.68 billion, a P/E ratio of 31.70, a PEG ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last issued 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). 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. As a group, research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.65%. Targa Resources’s payout ratio is currently 52.26%.

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.