EdgeRock Capital LLC Acquires Shares of 480 Targa Resources Corp. (NYSE:TRGP)

EdgeRock Capital LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 480 shares of the pipeline company’s stock, valued at approximately $42,000.

A number of other hedge funds also recently made changes to their positions in the business. Addison Advisors LLC bought a new position in Targa Resources during the fourth quarter valued at $27,000. VisionPoint Advisory Group LLC grew its stake in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 209 shares during the period. Rational Advisors LLC purchased a new stake in Targa Resources in the 3rd quarter worth about $43,000. Huntington National Bank raised its stake in Targa Resources by 124.4% in the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 296 shares during the period. Finally, Harvest Fund Management Co. Ltd boosted its position in Targa Resources by 36.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 150 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

TRGP traded down $0.38 during trading on Wednesday, reaching $112.45. The stock had a trading volume of 1,119,438 shares, compared to its average volume of 1,719,833. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The business has a 50-day moving average of $110.94 and a 200-day moving average of $95.46. Targa Resources Corp. has a one year low of $67.36 and a one year high of $117.87. The stock has a market cap of $24.93 billion, a PE ratio of 23.14 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. As a group, equities research analysts anticipate that Targa Resources Corp. will post 5.72 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.67%. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s payout ratio is presently 61.73%.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction 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 transaction, the insider now directly owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $97.31, for a total transaction of $973,100.00. Following the completion of the sale, the insider now directly owns 219,451 shares in the company, valued at $21,354,776.81. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of the 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 of the company’s stock, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock valued at $7,987,215 over the last three months. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on TRGP shares. Citigroup upped their price target on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Scotiabank increased their target price on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research report on Monday, April 15th. Truist Financial lifted their price target on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Royal Bank of Canada raised their price objective on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. Finally, Stifel Nicolaus upped their target price on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $119.92.

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.