Eventide Asset Management LLC Acquires 104,931 Shares of Targa Resources, Inc. $TRGP

Eventide Asset Management LLC raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 27.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 480,550 shares of the pipeline company’s stock after buying an additional 104,931 shares during the period. Targa Resources comprises 1.4% of Eventide Asset Management LLC’s portfolio, making the stock its 13th biggest position. Eventide Asset Management LLC owned about 0.22% of Targa Resources worth $88,710,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Olistico Wealth LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $27,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $37,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $42,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $272.31 on Friday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market cap of $58.45 billion, a P/E ratio of 27.53, a P/E/G ratio of 1.39 and a beta of 0.72. The firm has a 50 day simple moving average of $255.42 and a 200 day simple moving average of $222.87. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00.

Targa Resources (NYSE:TRGP) last issued its quarterly 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 company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Sell-side analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a report on Friday, May 8th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. UBS Group raised their price objective on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Fifteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus target price of $269.21.

About Targa Resources

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.