Rafferty Asset Management LLC Has $5.05 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Rafferty Asset Management LLC cut its holdings in shares of Targa Resources Corp. (NYSE:TRGPFree Report) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,171 shares of the pipeline company’s stock after selling 983 shares during the quarter. Rafferty Asset Management LLC’s holdings in Targa Resources were worth $5,053,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TRGP. Addison Advisors LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at $27,000. VisionPoint Advisory Group LLC increased its position in Targa Resources by 111.2% in the 3rd 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 in the last quarter. EdgeRock Capital LLC acquired a new position in Targa Resources during the 4th quarter worth $42,000. Rational Advisors LLC acquired a new position in shares of Targa Resources during the third quarter valued at $43,000. Finally, Delos Wealth Advisors LLC bought a new position in shares of Targa Resources in the 4th quarter valued at about $43,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Down 0.2 %

Targa Resources stock opened at $117.98 on Friday. The company has a market cap of $26.16 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 0.69 and a beta of 2.21. The firm has a 50-day moving average of $114.87 and a 200-day moving average of $99.81. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources Corp. has a one year low of $69.44 and a one year high of $119.68.

Targa Resources (NYSE:TRGPGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. On average, equities analysts expect that Targa Resources Corp. will post 5.33 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.54%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. Targa Resources’s payout ratio is presently 61.73%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TRGP. The Goldman Sachs Group lifted their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Scotiabank upped their price target on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. Truist Financial increased their price target on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Royal Bank of Canada upped their target price on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research note on Thursday, May 16th. Finally, Stifel Nicolaus raised their price target on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $121.50.

Check Out Our Latest Analysis on TRGP

Insider Buying and Selling

In other news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the completion of the transaction, the director now owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the sale, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles R. Crisp sold 7,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the sale, the director now directly owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,691 shares of company stock worth $3,693,763. Insiders own 1.39% of the company’s stock.

Targa Resources Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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