Simplicity Solutions LLC Has $616,000 Stock Position in Targa Resources Corp. (NYSE:TRGP)

Simplicity Solutions LLC lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 1.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,089 shares of the pipeline company’s stock after selling 135 shares during the quarter. Simplicity Solutions LLC’s holdings in Targa Resources were worth $616,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Signaturefd LLC raised its stake in Targa Resources by 4.7% in the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock valued at $464,000 after purchasing an additional 244 shares in the last quarter. Morgan Stanley raised its stake in Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares in the last quarter. Quadrature Capital Ltd raised its stake in Targa Resources by 364.0% in the third quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock valued at $7,615,000 after purchasing an additional 69,690 shares in the last quarter. Spirit of America Management Corp NY raised its stake in Targa Resources by 21.6% in the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock valued at $4,995,000 after purchasing an additional 10,200 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in Targa Resources by 32.8% in the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock valued at $1,543,000 after purchasing an additional 4,447 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling 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 transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CAO Julie H. Boushka sold 2,500 shares of the company’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 transaction of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jennifer R. Kneale sold 26,061 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total value of $2,537,298.96. Following the transaction, the chief financial officer now directly owns 227,663 shares in the company, valued at $22,165,269.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of analyst reports. Barclays boosted their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group lifted their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Stifel Nicolaus lifted their target price on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday. Truist Financial lifted their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, Scotiabank lifted their target price on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $117.92.

Targa Resources Stock Performance

NYSE:TRGP opened at $112.22 on Thursday. The stock has a market cap of $24.97 billion, a P/E ratio of 30.58 and a beta of 2.21. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The stock’s 50-day moving average is $104.86 and its 200-day moving average is $92.35. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $117.61.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 15th. The pipeline company reported $1.23 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 company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Equities research analysts anticipate that Targa Resources Corp. will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a $0.75 dividend. The ex-dividend date 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 yield of 2.67%. Targa Resources’s payout ratio is 54.50%.

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.