Keystone Investors PTE Ltd. Acquires New Holdings in Targa Resources Corp. (NYSE:TRGP)

Keystone Investors PTE Ltd. purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,233 shares of the pipeline company’s stock, valued at approximately $220,000.

A number of other large investors also recently modified their holdings of TRGP. GQG Partners LLC acquired a new position in Targa Resources in the 4th quarter valued at $393,335,000. Raymond James Financial Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at about $150,372,000. TD Asset Management Inc. raised its holdings in Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after purchasing an additional 825,267 shares during the last quarter. Wellington Management Group LLP grew its stake in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares during the period. Finally, Amundi raised its holdings in shares of Targa Resources by 20.9% in the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after acquiring an additional 318,261 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 3.9 %

Shares of NYSE TRGP opened at $205.01 on Tuesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50 day moving average price of $199.93 and a 200 day moving average price of $183.75. The firm has a market capitalization of $44.71 billion, a price-to-earnings ratio of 35.72, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Sell-side analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.46%. Targa Resources’s payout ratio is presently 52.26%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Truist Financial lifted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Barclays upped their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday. The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Mizuho raised their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company increased their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of “Buy” and an average price target of $211.00.

Insider Activity

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company’s stock.

About Targa Resources

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.