Quantbot Technologies LP Has $6.15 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Quantbot Technologies LP increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 23.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,433 shares of the pipeline company’s stock after acquiring an additional 6,464 shares during the quarter. Quantbot Technologies LP’s holdings in Targa Resources were worth $6,146,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in TRGP. Adams Natural Resources Fund Inc. lifted its holdings in shares of Targa Resources by 41.4% in the fourth quarter. Adams Natural Resources Fund Inc. now owns 83,300 shares of the pipeline company’s stock valued at $14,869,000 after purchasing an additional 24,400 shares in the last quarter. Millstone Evans Group LLC acquired a new stake in shares of Targa Resources in the 4th quarter valued at $136,000. Summit Global Investments acquired a new position in Targa Resources during the fourth quarter worth $5,403,000. Whittier Trust Co. of Nevada Inc. bought a new position in Targa Resources during the fourth quarter valued at about $25,035,000. Finally, Teacher Retirement System of Texas lifted its position in shares of Targa Resources by 231.7% in the fourth quarter. Teacher Retirement System of Texas now owns 71,119 shares of the pipeline company’s stock worth $12,695,000 after buying an additional 49,680 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on TRGP. Royal Bank of Canada raised their price objective on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Truist Financial cut their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. UBS Group lifted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Mizuho increased their price objective on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $206.43.

Targa Resources Stock Performance

Targa Resources stock opened at $182.36 on Friday. Targa Resources Corp. has a 52-week low of $104.89 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a fifty day moving average price of $198.98 and a two-hundred day moving average price of $180.78. The firm has a market capitalization of $39.77 billion, a P/E ratio of 31.77, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last issued 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 firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. As a group, analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Insider Transactions at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.44% of the company’s stock.

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.