Hartford Investment Management Co. Has $1.30 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Hartford Investment Management Co. decreased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,996 shares of the pipeline company’s stock after selling 279 shares during the period. Hartford Investment Management Co.’s holdings in Targa Resources were worth $1,303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Harbour Investments Inc. lifted its position in Targa Resources by 51.3% during the 3rd quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 121 shares during the last quarter. Quarry LP acquired a new position in shares of Targa Resources during the first quarter valued at about $33,000. VisionPoint Advisory Group LLC raised its position in shares of Targa Resources by 111.2% during the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the last quarter. Rational Advisors LLC acquired a new position in shares of Targa Resources during the third quarter valued at about $43,000. Finally, Huntington National Bank raised its position in shares of Targa Resources by 124.4% during the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after buying an additional 296 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jennifer R. Kneale sold 26,061 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the transaction, the chief financial officer now owns 227,663 shares in the company, valued at $22,165,269.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on TRGP shares. Barclays upped their price objective on shares of Targa Resources from $105.00 to $116.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Truist Financial upped their target price on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. UBS Group lowered their target price on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Finally, Royal Bank of Canada upped their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus target price of $115.10.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $115.97 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The stock has a market capitalization of $25.81 billion, a price-to-earnings ratio of 31.60 and a beta of 2.21. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $116.70. The firm’s 50-day moving average price is $100.33 and its two-hundred day moving average price is $90.68.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. On average, equities analysts predict that Targa Resources Corp. will post 5.75 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, January 30th. This represents a $2.00 annualized dividend and a yield of 1.72%. Targa Resources’s dividend payout ratio is 54.50%.

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.