Ninepoint Partners LP Grows Position in Targa Resources Corp. (NYSE:TRGP)

Ninepoint Partners LP raised its position in Targa Resources Corp. (NYSE:TRGP) by 5.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,691 shares of the pipeline company’s stock after purchasing an additional 423 shares during the quarter. Ninepoint Partners LP’s holdings in Targa Resources were worth $1,373,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Coldstream Capital Management Inc. raised its holdings in shares of Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after purchasing an additional 66 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after buying an additional 67 shares during the period. Mather Group LLC. raised its holdings in shares of Targa Resources by 2.3% during the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock valued at $540,000 after buying an additional 68 shares during the period. Keybank National Association OH raised its holdings in shares of Targa Resources by 0.4% during the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after buying an additional 70 shares during the period. Finally, Prime Capital Investment Advisors LLC raised its holdings in shares of Targa Resources by 4.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after buying an additional 84 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was 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 in the company, valued at $43,731,100.98. This represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. 1.44% of the stock is owned by company insiders.

Targa Resources Trading Up 4.0 %

NYSE:TRGP opened at $190.13 on Friday. Targa Resources Corp. has a 12-month low of $106.04 and a 12-month high of $218.51. The firm has a market capitalization of $41.47 billion, a P/E ratio of 33.12, a P/E/G ratio of 0.61 and a beta of 2.32. 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 business has a 50 day simple moving average of $199.06 and a 200 day simple moving average of $181.34.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Equities research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.58%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Stifel Nicolaus raised their target price on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. The Goldman Sachs Group lifted their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Scotiabank dropped their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Finally, Truist Financial dropped their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average price target of $206.43.

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.