LRI Investments LLC Grows Stake in Targa Resources Corp. (NYSE:TRGP)

LRI Investments LLC grew its position in Targa Resources Corp. (NYSE:TRGP) by 172.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 400 shares of the pipeline company’s stock after purchasing an additional 253 shares during the quarter. LRI Investments LLC’s holdings in Targa Resources were worth $71,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in TRGP. Colonial Trust Co SC lifted its stake in shares of Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after buying an additional 162 shares during the period. Atala Financial Inc purchased a new stake in Targa Resources in the fourth quarter valued at $31,000. Cary Street Partners Financial LLC purchased a new stake in Targa Resources in the fourth quarter valued at $31,000. Rakuten Securities Inc. boosted its holdings in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the last quarter. Finally, Mizuho Bank Ltd. purchased a new stake in Targa Resources in the fourth quarter valued at $36,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $568,957.74. This represents a 43.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This represents a 29.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last 90 days. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent research reports. Truist Financial upped their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Royal Bank of Canada lowered their price target on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a report on Thursday, May 8th. Scotiabank lowered their price target on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a report on Tuesday, April 29th. Mizuho decreased their price objective on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Finally, The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $202.93.

Targa Resources Stock Up 2.4%

TRGP stock opened at $170.24 on Wednesday. The stock has a market capitalization of $36.93 billion, a P/E ratio of 29.66, a P/E/G ratio of 0.61 and a beta of 1.22. The firm has a 50-day simple moving average of $178.09 and a 200-day simple moving average of $188.14. 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 Corp. has a 52 week low of $112.27 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Equities 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 announced a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a dividend of $1.00 per share. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s dividend payout ratio is currently 73.66%.

Targa Resources 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.