Sagespring Wealth Partners LLC Takes Position in Targa Resources Corp. (NYSE:TRGP)

Sagespring Wealth Partners LLC purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, Holdings Channel.com reports. The fund purchased 2,646 shares of the pipeline company’s stock, valued at approximately $472,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Targa Resources during the 4th quarter valued at $505,132,000. GQG Partners LLC bought a new position in shares of Targa Resources during the fourth quarter worth about $393,335,000. Raymond James Financial Inc. acquired a new position in Targa Resources in the fourth quarter worth about $150,372,000. TD Asset Management Inc. increased its holdings in Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after buying an additional 825,267 shares during the last quarter. Finally, Amundi raised its stake in Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock valued at $353,469,000 after buying an additional 318,261 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the firm’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 transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % 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 valued at $22,613,288. Company insiders own 1.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TRGP shares. Truist Financial boosted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Mizuho raised their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. 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. Finally, Morgan Stanley raised their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $210.64.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $167.96 on Wednesday. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a market cap of $36.55 billion, a PE ratio of 29.26, a P/E/G ratio of 0.61 and a beta of 1.75. The stock has a 50 day simple moving average of $190.61 and a 200-day simple moving average of $187.10. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly 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). The business 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%. On average, equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.29%. Targa Resources’s dividend payout ratio is presently 69.69%.

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.