Targa Resources Corp. (NYSE:TRGP) Shares Sold by Ninepoint Partners LP

Ninepoint Partners LP trimmed its holdings in Targa Resources Corp. (NYSE:TRGP) by 21.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,998 shares of the pipeline company’s stock after selling 3,260 shares during the period. Ninepoint Partners LP’s holdings in Targa Resources were worth $1,042,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Harbour Investments Inc. lifted its holdings in Targa Resources by 51.3% in the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 121 shares in the last quarter. Quarry LP purchased a new position in Targa Resources in the 1st quarter valued at about $33,000. VisionPoint Advisory Group LLC lifted its holdings 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 purchasing an additional 209 shares in the last quarter. Rational Advisors LLC purchased a new position in Targa Resources in the 3rd quarter valued at about $43,000. Finally, Huntington National Bank lifted its holdings in Targa Resources by 124.4% in the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 296 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 2,500 shares of the firm’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 transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction 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 in the company, valued at $7,012,769.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jennifer R. Kneale sold 26,061 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $97.36, for a total value of $2,537,298.96. Following the completion of the sale, the chief financial officer now owns 227,663 shares in the company, valued at $22,165,269.68. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock valued at $7,987,215 over the last 90 days. 1.39% of the stock is owned by corporate insiders.

Targa Resources Trading Up 1.7 %

NYSE TRGP traded up $1.90 during mid-day trading on Friday, hitting $113.68. The company’s stock had a trading volume of 682,909 shares, compared to its average volume of 1,734,962. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.61. The stock’s fifty day simple moving average is $105.34 and its two-hundred day simple moving average is $92.49. The firm has a market capitalization of $25.30 billion, a P/E ratio of 30.46 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 firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Research analysts expect that Targa Resources Corp. will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.75 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 2.64%. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent research reports. Scotiabank upped their target price on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a report on Monday. Mizuho increased their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Truist Financial increased their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Barclays increased their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Finally, Royal Bank of Canada increased their price objective on shares of Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $117.92.

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.