West Michigan Advisors LLC Purchases Shares of 3,244 Targa Resources Corp. (NYSE:TRGP)

West Michigan Advisors LLC purchased a new stake in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, Holdings Channel.com reports. The firm purchased 3,244 shares of the pipeline company’s stock, valued at approximately $579,000.

Several other hedge funds also recently modified their holdings of TRGP. Coldstream Capital Management Inc. boosted its holdings in shares of Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after acquiring an additional 66 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Targa Resources by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after acquiring an additional 67 shares during the period. Mather Group LLC. boosted its holdings in shares of Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after acquiring an additional 68 shares during the period. Prime Capital Investment Advisors LLC boosted its holdings in shares of Targa Resources by 4.0% during the third 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 period. Finally, Catalina Capital Group LLC boosted its holdings in shares of Targa Resources by 3.9% during the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock worth $400,000 after acquiring an additional 85 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 2.8 %

Shares of TRGP opened at $201.02 on Friday. Targa Resources Corp. has a one year low of $97.29 and a one year high of $218.51. The company has a market cap of $43.84 billion, a P/E ratio of 35.02, a P/E/G ratio of 0.61 and a beta of 2.29. 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 firm has a 50 day simple moving average of $197.95 and a two-hundred day simple moving average of $178.09.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data 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 firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business 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. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Insider Transactions at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the company’s 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 transaction, the insider now 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TRGP. Barclays boosted their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Truist Financial reduced their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. UBS Group lifted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Royal Bank of Canada lifted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. One investment 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 company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $205.43.

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.