Freemont Management S.A. grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) by 196.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,200 shares of the pipeline company’s stock after buying an additional 6,100 shares during the period. Freemont Management S.A.’s holdings in Targa Resources were worth $1,697,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new position in Targa Resources during the fourth quarter worth about $27,000. Olistico Wealth LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at approximately $27,000. Peoples Financial Services CORP. bought a new stake in Targa Resources during the 3rd quarter worth approximately $34,000. Eagle Bay Advisors LLC bought a new stake in Targa Resources during the 4th quarter worth approximately $42,000. Finally, Root Financial Partners LLC acquired a new stake in Targa Resources during the 3rd quarter worth approximately $39,000. Institutional investors own 92.13% of the company’s stock.
Insiders Place Their Bets
In related news, Director Lindsey Cooksen sold 435 shares of Targa Resources stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $231.72, for a total value of $100,798.20. Following the sale, the director owned 11,670 shares of the company’s stock, valued at approximately $2,704,172.40. The trade was a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the sale, the insider owned 197,401 shares in the company, valued at $47,640,757.34. The trade was a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 115,531 shares of company stock valued at $27,405,821 in the last quarter. 1.37% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Read Our Latest Stock Report on TRGP
Targa Resources Stock Performance
Shares of TRGP stock opened at $263.12 on Thursday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $263.38. The company’s fifty day simple moving average is $243.75 and its 200-day simple moving average is $207.11. The firm has a market cap of $56.48 billion, a PE ratio of 26.60, a P/E/G ratio of 1.65 and a beta of 0.75. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.
Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Equities research analysts expect that Targa Resources, Inc. will post 10.3 EPS for the current fiscal year.
Targa Resources Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is 50.56%.
Targa Resources 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.
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