Stevens Capital Management LP Purchases Shares of 3,452 Targa Resources Corp. (NYSE:TRGP)

Stevens Capital Management LP purchased a new stake in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 3,452 shares of the pipeline company’s stock, valued at approximately $300,000.

Other institutional investors have also recently made changes to their positions in the company. CWM LLC boosted its holdings in Targa Resources by 18.1% in the third quarter. CWM LLC now owns 3,126 shares of the pipeline company’s stock worth $268,000 after acquiring an additional 480 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new position in shares of Targa Resources in the third quarter valued at approximately $88,000. Czech National Bank lifted its holdings in shares of Targa Resources by 46.1% in the third quarter. Czech National Bank now owns 39,100 shares of the pipeline company’s stock valued at $3,352,000 after purchasing an additional 12,344 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in Targa Resources by 0.8% during the third quarter. Asset Management One Co. Ltd. now owns 80,828 shares of the pipeline company’s stock worth $6,929,000 after acquiring an additional 653 shares during the period. Finally, Spirit of America Management Corp NY lifted its holdings in Targa Resources by 1.9% during the third quarter. Spirit of America Management Corp NY now owns 47,300 shares of the pipeline company’s stock worth $4,055,000 after acquiring an additional 900 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the transaction, the insider now directly owns 219,451 shares in the company, valued at approximately $21,354,776.81. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the transaction, the director now directly owns 38,440 shares in the company, valued at $3,754,434.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the completion of the transaction, the insider now owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock worth $7,987,215 in the last ninety days. 1.39% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. UBS Group dropped their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Truist Financial raised their target price on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Barclays upped their price target on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group upped their price objective on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. raised their target price on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $119.55.

Targa Resources Trading Down 0.7 %

Shares of TRGP traded down $0.82 on Friday, hitting $116.86. 1,602,696 shares of the stock traded hands, compared to its average volume of 1,732,265. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.87. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The stock’s 50 day moving average is $107.97 and its two-hundred day moving average is $93.67. The firm has a market capitalization of $26.01 billion, a P/E ratio of 32.07 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS 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 company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. As a group, sell-side analysts predict that Targa Resources Corp. will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

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

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.