Natixis Advisors LLC Increases Stake in Targa Resources Corp. (NYSE:TRGP)

Natixis Advisors LLC increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 19.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,518 shares of the pipeline company’s stock after buying an additional 8,700 shares during the period. Natixis Advisors LLC’s holdings in Targa Resources were worth $9,731,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in Targa Resources during the 4th quarter worth approximately $150,372,000. Wellington Management Group LLP grew its holdings in Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares in the last quarter. Amundi grew its holdings in Targa Resources by 20.9% during the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after acquiring an additional 318,261 shares in the last quarter. National Bank of Canada FI grew its holdings in Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after acquiring an additional 259,776 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in Targa Resources by 40.0% during the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after acquiring an additional 254,286 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 0.3 %

Shares of Targa Resources stock opened at $199.61 on Friday. Targa Resources Corp. has a 1 year low of $109.13 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market capitalization of $43.54 billion, a P/E ratio of 34.77, a PEG ratio of 0.61 and a beta of 2.32. The company’s fifty day moving average is $199.70 and its two-hundred day moving average is $182.53.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 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 during the quarter, compared to analyst estimates of $4.48 billion. Analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Insider Transactions at Targa Resources

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of several analyst reports. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Truist Financial upped their target price on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday. Citigroup upped their target price on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Finally, The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $210.50.

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.