Jones Financial Companies Lllp Boosts Stake in Targa Resources Corp. (NYSE:TRGP)

Jones Financial Companies Lllp grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 20.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,545 shares of the pipeline company’s stock after buying an additional 264 shares during the quarter. Jones Financial Companies Lllp’s holdings in Targa Resources were worth $276,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in TRGP. Aspect Partners LLC raised its holdings in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after buying an additional 130 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Targa Resources during the third quarter valued at approximately $35,000. Rosenberg Matthew Hamilton raised its position in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the period. Stonebridge Financial Group LLC purchased a new position in Targa Resources in the 4th quarter worth $49,000. Finally, UMB Bank n.a. raised its position in Targa Resources by 39.6% in the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after purchasing an additional 106 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was 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 in the company, valued at approximately $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 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.44% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on TRGP. Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. UBS Group lifted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Mizuho lifted their price target on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Truist Financial decreased their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Finally, Royal Bank of Canada lifted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $206.43.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $187.14 on Thursday. Targa Resources Corp. has a 1 year low of $104.89 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company’s 50-day moving average is $199.00 and its 200 day moving average is $180.77. The stock has a market capitalization of $40.82 billion, a P/E ratio of 32.60, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, sell-side analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.60%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

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.