3,167 Shares in Targa Resources Corp. (NYSE:TRGP) Acquired by NEOS Investment Management LLC

NEOS Investment Management LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGPFree Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,167 shares of the pipeline company’s stock, valued at approximately $275,000.

Several other large investors have also made changes to their positions in the business. Dorsey Wright & Associates purchased a new stake in Targa Resources in the fourth quarter valued at $2,518,000. TFG Advisers LLC grew its holdings in Targa Resources by 5.2% during the fourth quarter. TFG Advisers LLC now owns 10,282 shares of the pipeline company’s stock worth $893,000 after acquiring an additional 505 shares during the period. California State Teachers Retirement System raised its position in Targa Resources by 5.5% during the fourth quarter. California State Teachers Retirement System now owns 417,366 shares of the pipeline company’s stock valued at $36,257,000 after acquiring an additional 21,872 shares in the last quarter. Bank of Nova Scotia lifted its holdings in Targa Resources by 268.9% in the fourth quarter. Bank of Nova Scotia now owns 335,137 shares of the pipeline company’s stock valued at $29,112,000 after acquiring an additional 244,287 shares during the period. Finally, AMJ Financial Wealth Management boosted its position in Targa Resources by 5.6% in the 4th quarter. AMJ Financial Wealth Management now owns 39,684 shares of the pipeline company’s stock worth $3,447,000 after purchasing an additional 2,100 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Down 0.2 %

Shares of TRGP opened at $117.98 on Friday. Targa Resources Corp. has a 52-week low of $69.44 and a 52-week high of $119.68. The stock has a market cap of $26.16 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 0.69 and a beta of 2.21. The firm’s fifty day moving average is $114.87 and its two-hundred day moving average is $99.81. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGPGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. Research analysts forecast that Targa Resources Corp. will post 5.33 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a $0.75 dividend. The ex-dividend date was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.54%. Targa Resources’s dividend payout ratio is 61.73%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TRGP. Royal Bank of Canada lifted their target price on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a report on Thursday, May 16th. Truist Financial lifted 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. Mizuho increased their target price on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Scotiabank lifted their price target on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. Finally, JPMorgan Chase & Co. increased their price target on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.50.

View Our Latest Report on Targa Resources

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now directly owns 57,228 shares in the company, valued at approximately $6,466,764. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the transaction, the director now owns 95,471 shares in the company, valued at $10,744,306.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,691 shares of company stock valued at $3,693,763. 1.39% of the stock is currently owned by insiders.

Targa Resources Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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