Level Four Advisory Services LLC Buys New Stake in Targa Resources Corp. (NYSE:TRGP)

Level Four Advisory Services LLC purchased a new stake in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,468 shares of the pipeline company’s stock, valued at approximately $262,000.

Several other large investors also recently bought and sold shares of TRGP. Orion Portfolio Solutions LLC grew its stake in Targa Resources by 16.6% during the 4th quarter. Orion Portfolio Solutions LLC now owns 10,819 shares of the pipeline company’s stock worth $1,931,000 after buying an additional 1,537 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Targa Resources during the fourth quarter worth approximately $73,000. Norges Bank acquired a new position in shares of Targa Resources in the 4th quarter valued at $505,132,000. Blair William & Co. IL raised its position in Targa Resources by 6.2% in the 4th quarter. Blair William & Co. IL now owns 19,416 shares of the pipeline company’s stock valued at $3,466,000 after purchasing an additional 1,126 shares during the last quarter. Finally, Loomis Sayles & Co. L P acquired a new stake in Targa Resources during the 4th quarter worth $74,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, 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

Shares of TRGP stock opened at $203.16 on Wednesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market cap of $44.31 billion, a PE ratio of 35.39, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The stock has a fifty day moving average price of $198.72 and a 200 day moving average price of $186.09.

Targa Resources (NYSE:TRGP) last posted its earnings results 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 net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Sell-side analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.48%. Targa Resources’s dividend payout ratio is currently 52.26%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TRGP. Mizuho increased their target price on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Morgan Stanley increased their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Truist Financial lifted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Finally, Barclays upped their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $211.00.

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.