Meeder Asset Management Inc. Buys New Holdings in Targa Resources Corp. (NYSE:TRGP)

Meeder Asset Management Inc. purchased a new position in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,732 shares of the pipeline company’s stock, valued at approximately $309,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Fisher Asset Management LLC acquired a new position in shares of Targa Resources during the third quarter valued at about $318,000. D.A. Davidson & CO. boosted its stake in Targa Resources by 8.8% during the 3rd quarter. D.A. Davidson & CO. now owns 4,952 shares of the pipeline company’s stock valued at $733,000 after purchasing an additional 402 shares during the last quarter. Townsquare Capital LLC bought a new stake in Targa Resources during the 3rd quarter worth approximately $329,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Targa Resources in the third quarter worth approximately $1,408,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Targa Resources by 26.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,852 shares of the pipeline company’s stock valued at $6,195,000 after purchasing an additional 8,848 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Citigroup upped their price target on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Morgan Stanley increased their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Truist Financial lifted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Finally, Scotiabank reduced their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $211.00.

Targa Resources Price Performance

NYSE TRGP opened at $200.50 on Tuesday. The company has a market cap of $43.73 billion, a PE ratio of 34.93, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm’s 50-day simple moving average is $199.00 and its two-hundred day simple moving average is $185.71. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its earnings results 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 business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current 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 paid a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.50%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 in the last quarter. 1.39% of the stock is currently owned by corporate insiders.

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.