International Assets Investment Management LLC Has $7.80 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

International Assets Investment Management LLC grew its holdings in Targa Resources Corp. (NYSE:TRGP) by 15,867.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 89,737 shares of the pipeline company’s stock after buying an additional 89,175 shares during the quarter. International Assets Investment Management LLC’s holdings in Targa Resources were worth $7,795,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Harbour Investments Inc. increased its stake in shares of Targa Resources by 51.3% in the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after buying an additional 121 shares in the last quarter. Quarry LP bought a new position in Targa Resources in the first quarter valued at about $33,000. VisionPoint Advisory Group LLC boosted its holdings in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 209 shares during the last quarter. Rational Advisors LLC bought a new position in Targa Resources in the third quarter valued at about $43,000. Finally, Huntington National Bank boosted its holdings in Targa Resources by 124.4% in the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 296 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TRGP. Royal Bank of Canada raised their price target on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a report on Monday, February 26th. Truist Financial raised their price target on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. raised their price target on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. The Goldman Sachs Group raised their target price on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, Barclays raised their target price on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $115.70.

Targa Resources Price Performance

Shares of TRGP opened at $114.69 on Friday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The stock has a 50 day simple moving average of $103.22 and a 200 day simple moving average of $91.79. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.61. The firm has a market capitalization of $25.52 billion, a PE ratio of 31.25 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Sell-side analysts predict that Targa Resources Corp. will post 5.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a $0.75 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.62%. Targa Resources’s payout ratio is currently 54.50%.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now owns 156,098 shares in the company, valued at approximately $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. In the last three months, insiders sold 81,966 shares of company stock worth $7,987,215. 1.39% of the stock is owned by company insiders.

Targa Resources Company 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.