Targa Resources Corp. (NYSE:TRGP) is Fractal Investments LLC’s 7th Largest Position

Fractal Investments LLC lifted its position in Targa Resources Corp. (NYSE:TRGP) by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 286,539 shares of the pipeline company’s stock after purchasing an additional 2,300 shares during the quarter. Targa Resources comprises about 5.1% of Fractal Investments LLC’s holdings, making the stock its 7th biggest holding. Fractal Investments LLC owned approximately 0.13% of Targa Resources worth $24,892,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Targa Resources by 5.1% during the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after buying an additional 401,144 shares during the period. Deutsche Bank AG boosted its stake in Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after buying an additional 3,720,270 shares during the period. Morgan Stanley boosted its stake in shares of Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares during the period. Jennison Associates LLC boosted its stake in shares of Targa Resources by 1.6% in the third quarter. Jennison Associates LLC now owns 2,487,507 shares of the pipeline company’s stock valued at $213,229,000 after purchasing an additional 39,143 shares during the period. Finally, FMR LLC boosted its stake in shares of Targa Resources by 3.2% in the third quarter. FMR LLC now owns 2,431,326 shares of the pipeline company’s stock valued at $208,413,000 after purchasing an additional 74,310 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TRGP shares. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Truist Financial raised their price objective on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. raised their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Stifel Nicolaus raised their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Finally, Royal Bank of Canada raised their price objective on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.55.

Targa Resources Stock Up 0.8 %

TRGP stock traded up $0.92 during trading on Wednesday, reaching $116.94. The stock had a trading volume of 1,367,155 shares, compared to its average volume of 1,738,348. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $117.61. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The company has a market capitalization of $26.02 billion, a P/E ratio of 31.86 and a beta of 2.21. The firm has a fifty day moving average price of $107.48 and a 200 day moving average price of $93.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. On average, equities analysts anticipate that Targa Resources Corp. will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Monday, April 29th. Targa Resources’s dividend payout ratio is currently 54.50%.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now owns 156,098 shares in the company, valued at $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now owns 38,440 shares in the company, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. In the last three months, insiders sold 81,966 shares of company stock valued at $7,987,215. Company insiders own 1.44% of the company’s stock.

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.