Targa Resources Corp. (NYSE:TRGP) Shares Bought by TrueMark Investments LLC

TrueMark Investments LLC lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 302.9% during the fourth quarter, Holdings Channel reports. The fund owned 10,149 shares of the pipeline company’s stock after purchasing an additional 7,630 shares during the quarter. TrueMark Investments LLC’s holdings in Targa Resources were worth $1,812,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRGP. Atala Financial Inc acquired a new position in Targa Resources in the 4th quarter valued at $31,000. Rakuten Securities Inc. increased its stake in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the last quarter. Aspect Partners LLC lifted its position in Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after buying an additional 130 shares during the period. Rosenberg Matthew Hamilton lifted its position in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new stake in Targa Resources in the 4th quarter worth about $49,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on Tuesday, February 25th. The shares were 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 in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on TRGP. Truist Financial upped their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. 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 note on Thursday, March 6th. Barclays boosted their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada lifted their target price on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. One 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. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus target price of $211.00.

Targa Resources Stock Up 0.1 %

Shares of NYSE:TRGP opened at $205.20 on Wednesday. The company has a market capitalization of $44.76 billion, a price-to-earnings ratio of 35.75, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a 50 day moving average of $200.01 and a two-hundred day moving average of $184.16. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. 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 (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. As a group, analysts forecast 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. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 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.