Stevens Capital Management LP Acquires New Stake in Targa Resources Corp. (NYSE:TRGP)

Stevens Capital Management LP bought a new position in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 3,452 shares of the pipeline company’s stock, valued at approximately $300,000.

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

Targa Resources Stock Performance

Shares of NYSE TRGP traded down $0.82 during trading on Friday, reaching $116.86. The stock had a trading volume of 1,602,696 shares, compared to its average volume of 1,732,265. Targa Resources Corp. has a one year low of $67.36 and a one year high of $117.87. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The stock has a market cap of $26.01 billion, a PE ratio of 32.07 and a beta of 2.21. The firm’s 50 day moving average price is $107.97 and its two-hundred day moving average price is $93.67.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. On average, research analysts forecast that Targa Resources Corp. will post 5.77 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

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

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the transaction, 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 SEC, which is accessible through this hyperlink. 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 completion of the sale, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock valued at $7,987,215 in the last three months. Insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Scotiabank increased their price target on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a report on Monday, April 15th. UBS Group reduced their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, January 18th. Barclays raised their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Truist Financial raised their price target on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, JPMorgan Chase & Co. lifted their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $119.55.

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.