Assetmark Inc. Purchases 290 Shares of Targa Resources Corp. (NYSE:TRGP)

Assetmark Inc. increased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 1,812.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 306 shares of the pipeline company’s stock after acquiring an additional 290 shares during the period. Assetmark Inc.’s holdings in Targa Resources were worth $55,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Keybank National Association OH raised its holdings in Targa Resources by 0.4% during the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after acquiring an additional 70 shares in the last quarter. Exencial Wealth Advisors LLC raised its holdings in Targa Resources by 0.3% during the fourth quarter. Exencial Wealth Advisors LLC now owns 34,509 shares of the pipeline company’s stock worth $6,160,000 after acquiring an additional 119 shares in the last quarter. AMJ Financial Wealth Management increased its position in Targa Resources by 6.1% during the fourth quarter. AMJ Financial Wealth Management now owns 21,945 shares of the pipeline company’s stock worth $3,917,000 after buying an additional 1,268 shares during the last quarter. Bahl & Gaynor Inc. increased its position in Targa Resources by 8.1% during the fourth quarter. Bahl & Gaynor Inc. now owns 876,099 shares of the pipeline company’s stock worth $156,384,000 after buying an additional 65,346 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Targa Resources by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,464,111 shares of the pipeline company’s stock worth $261,344,000 after buying an additional 38,723 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.44% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent analyst reports. Truist Financial lowered their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Barclays upped their target price on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Wells Fargo & Company upped their target price on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Stifel Nicolaus upped their target price on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Scotiabank decreased their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $206.43.

Targa Resources Stock Up 4.0 %

Shares of TRGP opened at $190.13 on Friday. Targa Resources Corp. has a 52 week low of $106.04 and a 52 week high of $218.51. The stock has a market capitalization of $41.47 billion, a price-to-earnings ratio of 33.12, a PEG ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a fifty day moving average of $199.06 and a 200-day moving average of $181.34.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, sell-side analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.58%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is presently 52.26%.

About Targa Resources

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.