SCS Capital Management LLC Raises Position in Targa Resources, Inc. $TRGP

SCS Capital Management LLC grew its position in Targa Resources, Inc. (NYSE:TRGP) by 3.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 114,183 shares of the pipeline company’s stock after buying an additional 3,326 shares during the period. SCS Capital Management LLC’s holdings in Targa Resources were worth $21,067,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after buying an additional 422,075 shares during the last quarter. Wellington Management Group LLP raised its holdings in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after buying an additional 1,620,253 shares during the last quarter. Geode Capital Management LLC raised its holdings in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after buying an additional 45,495 shares during the last quarter. Norges Bank purchased a new position in Targa Resources in the fourth quarter worth about $735,758,000. Finally, UBS Group AG raised its holdings in Targa Resources by 9.9% in the third quarter. UBS Group AG now owns 2,360,311 shares of the pipeline company’s stock worth $395,447,000 after buying an additional 212,887 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the sale, the insider directly owned 197,401 shares of the company’s stock, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a report on Wednesday. Truist Financial boosted their price objective on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. TD Cowen boosted their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Finally, Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Fifteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $269.21.

Targa Resources Stock Up 0.0%

TRGP opened at $255.14 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The firm has a 50 day moving average price of $251.28 and a 200-day moving average price of $216.51. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The stock has a market capitalization of $54.76 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 1.32 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Equities research analysts forecast that Targa Resources, Inc. will post 10.67 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio is currently 50.56%.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.