Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 116.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 162,236 shares of the pipeline company’s stock after purchasing an additional 87,395 shares during the period. Assenagon Asset Management S.A.’s holdings in Targa Resources were worth $28,959,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Wellington Management Group LLP boosted its position in Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in shares of Targa Resources during the second quarter worth about $72,345,000. National Bank of Canada FI boosted its position in shares of Targa Resources by 75.4% in the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after buying an additional 259,776 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in shares of Targa Resources by 599.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after buying an additional 246,762 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Targa Resources by 14,163.5% during the 3rd quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after buying an additional 202,822 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Stock Performance

TRGP stock opened at $212.51 on Friday. The stock’s 50 day simple moving average is $191.09 and its 200 day simple moving average is $162.91. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $212.98. The firm has a market cap of $46.34 billion, a P/E ratio of 38.43, a P/E/G ratio of 0.59 and a beta of 2.30. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the company earned $0.97 earnings per share. As a group, equities research analysts predict that Targa Resources Corp. will post 6.4 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.41%. Targa Resources’s payout ratio is currently 54.25%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Stifel Nicolaus lifted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Truist Financial decreased their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Barclays boosted their price target on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday. One investment 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’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $189.21.

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.