5,763 Shares in Targa Resources Corp. (NYSE:TRGP) Purchased by LMR Partners LLP

LMR Partners LLP acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,763 shares of the pipeline company’s stock, valued at approximately $1,029,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. Barclays PLC increased its position in Targa Resources by 19.5% during the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock worth $153,124,000 after purchasing an additional 168,602 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Targa Resources by 1.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,529 shares of the pipeline company’s stock worth $2,415,000 after buying an additional 158 shares during the period. Czech National Bank boosted its stake in Targa Resources by 5.9% during the fourth quarter. Czech National Bank now owns 47,281 shares of the pipeline company’s stock worth $8,440,000 after buying an additional 2,653 shares during the period. Capital Investment Advisors LLC boosted its stake in Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after buying an additional 5,431 shares during the period. Finally, CHICAGO TRUST Co NA boosted its stake in Targa Resources by 17.2% during the fourth quarter. CHICAGO TRUST Co NA now owns 3,290 shares of the pipeline company’s stock worth $587,000 after buying an additional 484 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have 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 for the company in a research note on Monday, April 28th. Wells Fargo & Company increased their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada lowered their target price on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a research note on Thursday, May 8th. Truist Financial increased their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Finally, Morgan Stanley raised their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $202.93.

Targa Resources Stock Up 2.4%

Shares of NYSE:TRGP opened at $170.24 on Wednesday. The firm’s 50 day moving average price is $178.09 and its 200 day moving average price is $188.14. The stock has a market cap of $36.93 billion, a price-to-earnings ratio of 29.66, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a fifty-two week low of $112.27 and a fifty-two 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 issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Investors 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 73.66%.

Insider Activity at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the business’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 transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’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 sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last 90 days. 1.34% of the stock is owned by corporate insiders.

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.