Susquehanna Fundamental Investments LLC Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

Susquehanna Fundamental Investments LLC purchased a new position in Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, Holdings Channel.com reports. The fund purchased 83,519 shares of the pipeline company’s stock, valued at approximately $14,908,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $505,132,000. GQG Partners LLC bought a new stake in Targa Resources in the fourth quarter valued at $393,335,000. Canada Pension Plan Investment Board increased its position in Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after purchasing an additional 1,038,350 shares during the period. Raymond James Financial Inc. bought a new position in Targa Resources in the 4th quarter worth $150,372,000. Finally, TD Asset Management Inc. raised its holdings in Targa Resources by 568.7% in the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after purchasing an additional 825,267 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the sale, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the topic of several research analyst reports. Mizuho boosted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Truist Financial lifted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Royal Bank of Canada increased their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Finally, Barclays dropped their target price on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $210.64.

Targa Resources Price Performance

Shares of TRGP opened at $177.61 on Friday. The firm has a fifty day simple moving average of $185.59 and a two-hundred day simple moving average of $188.07. The firm has a market cap of $38.65 billion, a PE ratio of 30.94, a P/E/G ratio of 0.61 and a beta of 1.75. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s dividend payout ratio (DPR) is presently 69.69%.

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.