Rakuten Securities Inc. Purchases 146 Shares of Targa Resources Corp. (NYSE:TRGP)

Rakuten Securities Inc. boosted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 394.6% in the fourth quarter, HoldingsChannel reports. The firm owned 183 shares of the pipeline company’s stock after purchasing an additional 146 shares during the quarter. Rakuten Securities Inc.’s holdings in Targa Resources were worth $33,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. boosted its position in shares of Targa Resources by 3.3% in the third quarter. Crossmark Global Holdings Inc. now owns 10,920 shares of the pipeline company’s stock valued at $1,616,000 after acquiring an additional 344 shares during the period. Venturi Wealth Management LLC boosted its position in shares of Targa Resources by 36.1% in the third quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock valued at $79,000 after acquiring an additional 141 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Targa Resources by 9.6% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,163 shares of the pipeline company’s stock valued at $76,693,000 after acquiring an additional 45,590 shares during the period. Prime Capital Investment Advisors LLC boosted its position in shares of Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after acquiring an additional 84 shares during the period. Finally, Aigen Investment Management LP bought a new stake in shares of Targa Resources in the third quarter valued at about $528,000. 92.13% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Jennifer R. Kneale sold 29,887 shares of the company’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 completion of the transaction, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the company’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 value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last quarter. 1.44% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup boosted their target price on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Stifel Nicolaus boosted their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Barclays boosted their price target on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Truist Financial dropped their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $206.43.

Targa Resources Stock Down 2.5 %

Shares of NYSE TRGP opened at $182.36 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $39.77 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12 month low of $104.89 and a 12 month high of $218.51. The stock has a 50-day moving average price of $198.98 and a two-hundred day moving average price of $180.78.

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 the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

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.