Counterpoint Mutual Funds LLC Increases Holdings in Targa Resources Corp. (NYSE:TRGP)

Counterpoint Mutual Funds LLC boosted its position in Targa Resources Corp. (NYSE:TRGP) by 20.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,955 shares of the pipeline company’s stock after buying an additional 1,701 shares during the quarter. Targa Resources makes up approximately 0.2% of Counterpoint Mutual Funds LLC’s portfolio, making the stock its 26th biggest position. Counterpoint Mutual Funds LLC’s holdings in Targa Resources were worth $1,777,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in TRGP. Coldstream Capital Management Inc. increased its stake in Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after purchasing an additional 66 shares during the period. Fisher Asset Management LLC increased its stake in shares of Targa Resources by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after buying an additional 67 shares during the period. Mather Group LLC. raised its holdings in Targa Resources by 2.3% during the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock valued at $540,000 after buying an additional 68 shares during the last quarter. Keybank National Association OH boosted its position in Targa Resources by 0.4% during the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after buying an additional 70 shares during the period. Finally, Prime Capital Investment Advisors LLC grew its holdings in Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the 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. This trade represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03 % 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 over the last 90 days. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $190.13 on Monday. 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 stock has a market cap of $41.47 billion, a P/E ratio of 33.12, a P/E/G ratio of 0.61 and a beta of 2.32. The business’s 50 day moving average price is $199.06 and its 200-day moving average price is $181.60. Targa Resources Corp. has a 52 week low of $106.04 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results 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 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 analysts’ expectations of $4.48 billion. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on TRGP shares. 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 note on Thursday, March 6th. Stifel Nicolaus increased their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Barclays boosted their target price on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Mizuho raised their price target on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Finally, 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 report on Friday, December 13th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $206.43.

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.