Tidal Investments LLC Has $2.78 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Tidal Investments LLC boosted its stake in Targa Resources Corp. (NYSE:TRGP) by 14.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,552 shares of the pipeline company’s stock after buying an additional 1,980 shares during the quarter. Tidal Investments LLC’s holdings in Targa Resources were worth $2,776,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after buying an additional 150,038 shares in the last quarter. Geode Capital Management LLC boosted its stake in Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock valued at $1,056,187,000 after buying an additional 212,986 shares in the last quarter. Norges Bank acquired a new stake in Targa Resources in the 4th quarter valued at $505,132,000. Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 2.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock valued at $492,022,000 after buying an additional 53,853 shares in the last quarter. Finally, GQG Partners LLC acquired a new stake in Targa Resources in the 4th quarter valued at $393,335,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on TRGP. UBS Group reduced their price objective on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research note on Thursday, May 15th. Citigroup reduced their price objective on Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Wells Fargo & Company boosted their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Morgan Stanley boosted their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Finally, Scotiabank reduced their price objective on Targa Resources from $199.00 to $193.00 and set a “sector outperform” rating on the stock in a research note on Tuesday. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $198.79.

Targa Resources Trading Down 1.0%

TRGP stock opened at $160.37 on Thursday. The company has a market cap of $34.79 billion, a P/E ratio of 27.94, a PEG ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a twelve month low of $113.65 and a twelve month 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 business has a fifty day moving average of $175.82 and a 200-day moving average of $187.95.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were issued a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s dividend payout ratio is presently 73.66%.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the sale, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31% 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 worth $22,613,288. 1.34% of the stock is owned by insiders.

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.