GAMMA Investing LLC Invests $137,000 in Targa Resources Corp. (NYSE:TRGP)

GAMMA Investing LLC purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,607 shares of the pipeline company’s stock, valued at approximately $137,000.

Several other institutional investors have also modified their holdings of TRGP. Deutsche Bank AG raised its holdings in shares of Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after acquiring an additional 3,720,270 shares during the period. Truist Financial Corp raised its holdings in Targa Resources by 11,513.7% in the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock valued at $54,555,000 after buying an additional 630,949 shares during the period. Morgan Stanley raised its holdings in Targa Resources by 16.1% in the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after buying an additional 524,794 shares during the period. abrdn plc raised its holdings in Targa Resources by 802.0% in the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after buying an additional 431,156 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Targa Resources by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after buying an additional 401,144 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. Mizuho boosted their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Scotiabank boosted their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a report on Monday, April 15th. Truist Financial boosted their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. Finally, UBS Group reduced their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.55.

Targa Resources Price Performance

TRGP stock opened at $116.86 on Friday. The business has a 50 day moving average price of $108.36 and a 200 day moving average price of $93.98. The stock has a market cap of $26.01 billion, a price-to-earnings ratio of 31.84 and a beta of 2.21. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $117.87. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The business had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Equities research analysts anticipate that Targa Resources Corp. will post 5.8 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.57%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is currently 54.50%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of the transaction, the insider now directly owns 219,451 shares in the company, valued at approximately $21,354,776.81. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is owned by insiders.

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.