Caption Management LLC Boosts Stake in Targa Resources Corp. (NYSE:TRGP)

Caption Management LLC boosted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 59.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 57,200 shares of the pipeline company’s stock after acquiring an additional 21,400 shares during the quarter. Caption Management LLC’s holdings in Targa Resources were worth $10,210,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Atala Financial Inc acquired a new stake in Targa Resources during the 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth $31,000. Rakuten Securities Inc. grew its position in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after buying an additional 146 shares during the last quarter. Mizuho Bank Ltd. acquired a new position in Targa Resources in the 4th quarter valued at $36,000. Finally, Aspect Partners LLC raised its position in Targa Resources by 144.4% during the 4th 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 last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In related 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 transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares in the company, 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 hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction dated 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 of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last quarter. 1.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TRGP. Mizuho lowered their target price on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Scotiabank reduced their price objective on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a research note on Tuesday, April 29th. Finally, Truist Financial upped their target price 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. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $207.21.

Targa Resources Stock Down 2.3 %

Shares of NYSE:TRGP opened at $158.21 on Tuesday. The company has a market capitalization of $34.42 billion, a P/E ratio of 27.56, a P/E/G ratio of 0.61 and a beta of 1.22. The stock’s fifty day simple moving average is $181.65 and its 200-day simple moving average is $188.45. Targa Resources Corp. has a 52-week low of $112.05 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, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be issued a $1.00 dividend. The ex-dividend date is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s dividend payout ratio (DPR) is presently 73.66%.

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.