LMR Partners LLP Takes Position in Targa Resources Corp. (NYSE:TRGP)

LMR Partners LLP bought a new stake in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, Holdings Channel reports. The institutional investor bought 5,763 shares of the pipeline company’s stock, valued at approximately $1,029,000.

A number of other institutional investors have also modified their holdings of the business. LRI Investments LLC increased its holdings in shares of Targa Resources by 172.1% in the 4th quarter. LRI Investments LLC now owns 400 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 253 shares during the period. Investment Management Corp of Ontario increased its holdings in shares of Targa Resources by 132.3% in the 4th quarter. Investment Management Corp of Ontario now owns 16,139 shares of the pipeline company’s stock valued at $2,881,000 after acquiring an additional 9,192 shares during the period. Jefferies Financial Group Inc. acquired a new position in shares of Targa Resources in the 4th quarter valued at $16,814,000. Gotham Asset Management LLC increased its holdings in shares of Targa Resources by 235.0% in the 4th quarter. Gotham Asset Management LLC now owns 5,481 shares of the pipeline company’s stock valued at $978,000 after acquiring an additional 3,845 shares during the period. Finally, Focus Partners Wealth acquired a new position in Targa Resources in the 4th quarter valued at $273,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This represents a 11.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 in the last 90 days. 1.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TRGP. Truist Financial boosted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Mizuho dropped their price objective on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Citigroup dropped their price objective on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Royal Bank of Canada dropped their price objective on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a research note on Thursday, May 8th. Finally, Morgan Stanley boosted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. Thirteen equities research 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, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $202.93.

Targa Resources Price Performance

Targa Resources stock opened at $170.24 on Wednesday. Targa Resources Corp. has a 52 week low of $112.27 and a 52 week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm’s 50-day simple moving average is $178.09 and its 200 day simple moving average is $188.14. The firm has a market capitalization of $36.93 billion, a PE ratio of 29.66, a P/E/G ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. On average, equities research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed 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. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. 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.