EntryPoint Capital LLC Invests $346,000 in Targa Resources Corp. (NYSE:TRGP)

EntryPoint Capital LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 1,939 shares of the pipeline company’s stock, valued at approximately $346,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new stake in Targa Resources in the fourth quarter worth $31,000. Rakuten Securities Inc. raised its stake in Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares during the period. Aspect Partners LLC lifted its holdings in Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton grew its stake in Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Targa Resources in the fourth quarter worth about $49,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TRGP shares. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Scotiabank reduced their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Finally, Barclays lifted their price target on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. One 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $211.00.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $201.91 on Thursday. The stock has a market capitalization of $44.04 billion, a PE ratio of 35.18, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The stock has a 50 day moving average price of $199.95 and a 200 day moving average price of $184.28. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its earnings results 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). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. Targa Resources’s payout ratio is 52.26%.

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.