Level Four Advisory Services LLC Purchases New Stake in Targa Resources Corp. (NYSE:TRGP)

Level Four Advisory Services LLC acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,468 shares of the pipeline company’s stock, valued at approximately $262,000.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after purchasing an additional 150,038 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Targa Resources by 1.7% in the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after buying an additional 97,583 shares during the period. Norges Bank acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $505,132,000. Finally, GQG Partners LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $393,335,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

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 transaction of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $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. Over the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by corporate insiders.

Targa Resources Price Performance

TRGP opened at $203.16 on Wednesday. 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 company’s 50-day moving average price is $198.72 and its 200 day moving average price is $186.09. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The firm has a market cap of $44.31 billion, a price-to-earnings ratio of 35.39, a price-to-earnings-growth 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). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, 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. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.48%. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

Wall Street Analyst Weigh In

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

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.