Aster Capital Management DIFC Ltd Acquires Shares of 4,143 Targa Resources Corp. (NYSE:TRGP)

Aster Capital Management DIFC Ltd bought a new position in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, HoldingsChannel.com reports. The fund bought 4,143 shares of the pipeline company’s stock, valued at approximately $740,000.

Other hedge funds have also recently made changes to their positions in the company. Hilltop Holdings Inc. bought a new stake in Targa Resources during the third quarter worth approximately $277,000. Janus Henderson Group PLC increased its position in shares of Targa Resources by 0.4% during the 3rd quarter. Janus Henderson Group PLC now owns 25,300 shares of the pipeline company’s stock valued at $3,744,000 after purchasing an additional 108 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in Targa Resources by 3.9% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 3,283 shares of the pipeline company’s stock valued at $486,000 after buying an additional 122 shares during the period. IHT Wealth Management LLC lifted its position in Targa Resources by 17.3% in the third quarter. IHT Wealth Management LLC now owns 2,254 shares of the pipeline company’s stock worth $334,000 after buying an additional 332 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in Targa Resources by 22.4% in the third quarter. Quantinno Capital Management LP now owns 33,549 shares of the pipeline company’s stock worth $4,966,000 after buying an additional 6,131 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

TRGP stock opened at $160.64 on Friday. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. The business has a 50-day moving average price of $197.03 and a 200 day moving average price of $186.50. The company has a market capitalization of $34.95 billion, a P/E ratio of 27.99, a PEG ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 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 business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. As a group, equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.87%. Targa Resources’s dividend payout ratio is currently 52.26%.

Analyst Ratings Changes

TRGP has been the topic of several recent analyst reports. Citigroup increased their target price on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Morgan Stanley boosted their target price on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Truist Financial raised their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Finally, Royal Bank of Canada boosted their price objective on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $211.00.

Insider Buying and Selling at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, 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 legal filing with the SEC, which is available at this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’s 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by corporate insiders.

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.