Targa Resources, Inc. $TRGP Shares Bought by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 49.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 350,223 shares of the pipeline company’s stock after buying an additional 115,833 shares during the period. TimesSquare Capital Management LLC’s holdings in Targa Resources were worth $64,616,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Root Financial Partners LLC acquired a new stake in shares of Targa Resources in the third quarter valued at approximately $39,000. Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $42,000. Finally, Elyxium Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $60,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 1.1%

Shares of NYSE TRGP opened at $275.00 on Tuesday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $275.60. The firm’s 50 day moving average price is $245.52 and its 200 day moving average price is $209.61. The firm has a market cap of $59.03 billion, a P/E ratio of 27.81, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 10.66 earnings per share for the current year.

Targa Resources Increases Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TRGP shares. Mizuho increased their price target on shares of Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, March 19th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $281.00 price target on shares of Targa Resources in a research report on Tuesday, May 12th. Truist Financial increased their price target on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Morgan Stanley increased their price target on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Finally, Citigroup increased their price target on shares of Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $266.36.

Insider Activity

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 value of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the transaction, the insider owned 31,938 shares in the company, valued at approximately $7,311,246.96. This trade represents a 35.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 115,531 shares of company stock valued at $27,405,821 in the last 90 days. Insiders own 1.37% of the company’s stock.

Targa Resources Profile

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.