Skylands Capital LLC Has $2.10 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Skylands Capital LLC grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 10.0% in the 4th quarter, HoldingsChannel reports. The fund owned 24,200 shares of the pipeline company’s stock after buying an additional 2,200 shares during the period. Skylands Capital LLC’s holdings in Targa Resources were worth $2,102,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TRGP. Deutsche Bank AG increased its stake in Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after purchasing an additional 3,720,270 shares in the last quarter. Truist Financial Corp increased its position in shares of Targa Resources by 11,513.7% during the third quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after acquiring an additional 630,949 shares in the last quarter. Morgan Stanley raised its holdings in shares of Targa Resources by 16.1% in the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after acquiring an additional 524,794 shares during the last quarter. abrdn plc lifted its position in Targa Resources by 802.0% in the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after acquiring an additional 431,156 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after purchasing an additional 401,144 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of Targa Resources stock traded up $0.84 on Monday, reaching $116.95. 594,000 shares of the company traded hands, compared to its average volume of 1,717,944. The company has a 50 day moving average of $108.36 and a 200 day moving average of $94.04. 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 $117.87. The firm has a market capitalization of $26.03 billion, a PE ratio of 31.85 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data 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 firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Equities analysts forecast that Targa Resources Corp. will post 5.8 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.57%. Targa Resources’s dividend payout ratio is presently 54.50%.

Analysts Set New Price Targets

Several brokerages have recently commented on TRGP. Stifel Nicolaus increased their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. UBS Group lowered their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Mizuho lifted 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. Scotiabank increased 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, April 15th. Finally, Truist Financial boosted their price target 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. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.55.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 81,966 shares of company stock worth $7,987,215. 1.44% of the stock is owned by company insiders.

Targa Resources 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.