IPG Investment Advisors LLC purchased a new position in Targa Resources, Inc. (NYSE:TRGP – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,594 shares of the pipeline company’s stock, valued at approximately $1,586,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after buying an additional 422,075 shares in the last quarter. Wellington Management Group LLP increased its position in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after buying an additional 1,620,253 shares in the last quarter. Geode Capital Management LLC increased its position in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after buying an additional 45,495 shares in the last quarter. UBS Group AG increased its position in Targa Resources by 9.9% in the third quarter. UBS Group AG now owns 2,360,311 shares of the pipeline company’s stock worth $395,447,000 after buying an additional 212,887 shares in the last quarter. Finally, Northern Trust Corp increased its position in Targa Resources by 4.1% in the third quarter. Northern Trust Corp now owns 2,175,544 shares of the pipeline company’s stock worth $364,491,000 after buying an additional 84,757 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.
Targa Resources Price Performance
Shares of Targa Resources stock opened at $263.33 on Thursday. The stock has a 50 day moving average of $250.42 and a 200 day moving average of $215.27. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The firm has a market cap of $56.52 billion, a PE ratio of 26.63, a PEG ratio of 1.69 and a beta of 0.75. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.
Targa Resources Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is 50.56%.
Analyst Ratings Changes
A number of brokerages have commented on TRGP. Morgan Stanley upped their price target on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. BMO Capital Markets restated an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Wells Fargo & Company upped their price objective on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Truist Financial upped their price objective on Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.21.
Check Out Our Latest Research Report on Targa Resources
Insider Buying and Selling
In other Targa Resources news, insider Robert Muraro sold 24,589 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares in the company, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 66,728 shares of company stock valued at $16,196,694. Insiders own 1.37% of the company’s stock.
Targa Resources Company Profile
Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.
The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.
Featured Stories
- Five stocks we like better than Targa Resources
- Abercrombie Rallies as Strong Q1 Earnings Extend Winning Streak
- TeraWulf Bets on Power Infrastructure to Lead AI Build-Out
- Amazon’s Alexa for Shopping Strengthens an Already Strong Bull Case
- Keysight: The AI and Defense Stock Seeing Big Price Target Boosts
Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP – Free Report).
Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.
