Ieq Capital LLC Acquires 6,177 Shares of Targa Resources Corp. (NYSE:TRGP)

Ieq Capital LLC lifted its holdings in Targa Resources Corp. (NYSE:TRGP) by 75.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,397 shares of the pipeline company’s stock after acquiring an additional 6,177 shares during the period. Ieq Capital LLC’s holdings in Targa Resources were worth $2,570,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of TRGP. Sequoia Financial Advisors LLC increased its stake in Targa Resources by 21.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the pipeline company’s stock worth $679,000 after acquiring an additional 815 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Targa Resources by 14,163.5% during the 3rd quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after purchasing an additional 202,822 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of Targa Resources by 59.1% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 13,840 shares of the pipeline company’s stock worth $2,048,000 after purchasing an additional 5,143 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Targa Resources by 36.2% in the third quarter. Assenagon Asset Management S.A. now owns 74,841 shares of the pipeline company’s stock worth $11,077,000 after purchasing an additional 19,902 shares during the period. Finally, DT Investment Partners LLC acquired a new position in Targa Resources in the third quarter valued at about $29,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Down 1.9 %

Shares of TRGP stock opened at $200.89 on Friday. Targa Resources Corp. has a twelve month low of $95.88 and a twelve month high of $218.51. The stock’s fifty day simple moving average is $195.91 and its 200 day simple moving average is $175.92. 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 has a market capitalization of $43.81 billion, a P/E ratio of 35.00, a P/E/G ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results 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). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, sell-side analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Analyst Ratings Changes

TRGP has been the topic of a number of analyst reports. Truist Financial reduced their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Wells Fargo & Company increased their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday. Mizuho boosted their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday. Scotiabank initiated coverage on Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. Finally, Barclays boosted their price target on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $203.77.

Targa Resources Company 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.