Transcendent Capital Group LLC Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

Transcendent Capital Group LLC bought a new position in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 1,502 shares of the pipeline company’s stock, valued at approximately $130,000.

A number of other hedge funds have also bought and sold shares of the business. American International Group Inc. increased its position in shares of Targa Resources by 0.4% during the 4th quarter. American International Group Inc. now owns 63,044 shares of the pipeline company’s stock valued at $5,477,000 after purchasing an additional 241 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in Targa Resources by 26.1% in the 4th quarter. V Square Quantitative Management LLC now owns 4,635 shares of the pipeline company’s stock worth $403,000 after acquiring an additional 960 shares in the last quarter. Quarry LP purchased a new stake in Targa Resources in the 4th quarter worth approximately $50,000. Price T Rowe Associates Inc. MD increased its holdings in Targa Resources by 231.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after acquiring an additional 962,073 shares in the last quarter. Finally, Oxford Financial Group LTD. LLC bought a new position in Targa Resources in the 4th quarter worth approximately $652,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 1.0 %

Shares of Targa Resources stock traded down $1.24 during trading on Friday, hitting $119.00. 1,085,787 shares of the stock traded hands, compared to its average volume of 1,226,637. The firm has a market cap of $26.38 billion, a P/E ratio of 24.49, a price-to-earnings-growth ratio of 0.70 and a beta of 2.21. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a 52-week low of $69.86 and a 52-week high of $122.24. The stock’s fifty day simple moving average is $115.58 and its 200 day simple moving average is $101.26.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data 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). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. On average, equities analysts predict that Targa Resources Corp. will post 5.27 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.52%. The ex-dividend date was Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Analyst Ratings Changes

TRGP has been the subject of several recent analyst reports. Barclays upped their price target on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Wells Fargo & Company increased their target price on Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Citigroup increased their target price on Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. UBS Group increased their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Finally, Truist Financial increased their target price on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and an average price target of $128.58.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the sale, the director now owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction that occurred on Wednesday, May 8th. The stock was 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 directly owns 95,471 shares in the company, valued at $10,744,306.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at $6,466,764. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,691 shares of company stock valued at $4,894,563. 1.39% of the stock is currently owned by corporate 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.