Basso Capital Management L.P. Has $892,000 Stake in Targa Resources Corp. (NYSE:TRGP)

Basso Capital Management L.P. raised its stake in Targa Resources Corp. (NYSE:TRGP) by 2.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,000 shares of the pipeline company’s stock after acquiring an additional 100 shares during the period. Targa Resources comprises about 0.8% of Basso Capital Management L.P.’s investment portfolio, making the stock its 20th largest position. Basso Capital Management L.P.’s holdings in Targa Resources were worth $892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prime Capital Investment Advisors LLC lifted its holdings in Targa Resources by 4.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after purchasing an additional 84 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of Targa Resources by 54.4% in the third quarter. Oppenheimer & Co. Inc. now owns 3,166 shares of the pipeline company’s stock valued at $469,000 after acquiring an additional 1,116 shares during the last quarter. KBC Group NV boosted its holdings in shares of Targa Resources by 183.8% in the 3rd quarter. KBC Group NV now owns 43,581 shares of the pipeline company’s stock worth $6,451,000 after acquiring an additional 28,225 shares in the last quarter. Huntington National Bank boosted its holdings in shares of Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 89 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in Targa Resources by 7.5% during the 3rd quarter. CIBC Asset Management Inc now owns 32,182 shares of the pipeline company’s stock worth $4,763,000 after acquiring an additional 2,248 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of TRGP opened at $190.13 on Monday. The stock has a market cap of $41.47 billion, a P/E ratio of 33.12, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 1 year low of $106.04 and a 1 year high of $218.51. The stock’s 50-day moving average price is $199.06 and its two-hundred day moving average price is $181.60. 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 released 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. On average, equities analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

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 $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on TRGP shares. Citigroup boosted their price objective on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Stifel Nicolaus upped their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Truist Financial decreased their price target 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. Finally, Mizuho boosted their price objective 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. 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 company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $206.43.

Insider Activity at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 in the last quarter. Corporate insiders own 1.39% of the company’s stock.

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.