Cohen & Steers Inc. Increases Stake in Targa Resources, Inc. $TRGP

Cohen & Steers Inc. grew its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 21.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 925,235 shares of the pipeline company’s stock after buying an additional 160,372 shares during the quarter. Cohen & Steers Inc.’s holdings in Targa Resources were worth $170,706,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Wealthspire Advisors LLC lifted its holdings in Targa Resources by 523.0% in the fourth quarter. Wealthspire Advisors LLC now owns 1,327 shares of the pipeline company’s stock valued at $245,000 after acquiring an additional 1,114 shares during the period. Castleark Management LLC raised its stake in shares of Targa Resources by 16.3% during the 4th quarter. Castleark Management LLC now owns 19,400 shares of the pipeline company’s stock worth $3,579,000 after buying an additional 2,720 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Targa Resources by 36.5% in the 4th quarter. Advisors Asset Management Inc. now owns 15,091 shares of the pipeline company’s stock valued at $2,784,000 after purchasing an additional 4,034 shares during the last quarter. CI Investments Inc. raised its stake in Targa Resources by 41.0% in the 4th quarter. CI Investments Inc. now owns 743,535 shares of the pipeline company’s stock valued at $137,182,000 after purchasing an additional 216,373 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec raised its stake in Targa Resources by 20.8% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 47,569 shares of the pipeline company’s stock valued at $8,776,000 after purchasing an additional 8,176 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.37% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on TRGP. TD Cowen lifted their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th. The Goldman Sachs Group upped their price target on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Wells Fargo & Company upped their price target on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Truist Financial increased their target price on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Fifteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $269.21.

Targa Resources Trading Up 1.1%

NYSE:TRGP opened at $272.31 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00. The stock has a market cap of $58.45 billion, a price-to-earnings ratio of 27.53, a PEG ratio of 1.38 and a beta of 0.72. The business has a fifty day moving average of $255.42 and a 200-day moving average of $222.87. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Equities analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.