DnB Asset Management AS Buys 174 Shares of Targa Resources Corp. (NYSE:TRGP)

DnB Asset Management AS raised its position in Targa Resources Corp. (NYSE:TRGP) by 0.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,052 shares of the pipeline company’s stock after acquiring an additional 174 shares during the period. DnB Asset Management AS’s holdings in Targa Resources were worth $7,328,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Fisher Asset Management LLC bought a new position in shares of Targa Resources during the 3rd quarter worth approximately $318,000. D.A. Davidson & CO. lifted its position in Targa Resources by 8.8% during the 3rd quarter. D.A. Davidson & CO. now owns 4,952 shares of the pipeline company’s stock valued at $733,000 after purchasing an additional 402 shares during the period. Townsquare Capital LLC acquired a new position in Targa Resources in the third quarter valued at approximately $329,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Targa Resources in the 3rd quarter valued at $1,408,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Targa Resources by 26.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,852 shares of the pipeline company’s stock worth $6,195,000 after buying an additional 8,848 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was 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 directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by insiders.

Targa Resources Trading Down 0.7 %

Targa Resources stock opened at $197.69 on Monday. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. The company has a market cap of $43.12 billion, a price-to-earnings ratio of 34.44, a P/E/G ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a 50-day moving average of $199.31 and a 200-day moving average of $185.33.

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

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Morgan Stanley boosted their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Truist Financial raised their target price 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. Finally, Citigroup increased their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $211.00.

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.