Voleon Capital Management LP Purchases New Position in Targa Resources Corp. (NYSE:TRGP)

Voleon Capital Management LP purchased a new stake in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 44,253 shares of the pipeline company’s stock, valued at approximately $7,899,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new position in Targa Resources in the fourth quarter valued at $505,132,000. GQG Partners LLC acquired a new position in Targa Resources in the fourth quarter valued at $393,335,000. Canada Pension Plan Investment Board increased its stake in Targa Resources by 981.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after purchasing an additional 1,038,350 shares during the period. Raymond James Financial Inc. acquired a new position in Targa Resources in the fourth quarter valued at $150,372,000. Finally, TD Asset Management Inc. increased its stake in Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after purchasing an additional 825,267 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.7 %

Shares of NYSE TRGP opened at $178.08 on Wednesday. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a market capitalization of $38.75 billion, a PE ratio of 31.02, a price-to-earnings-growth 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. The firm’s 50-day moving average is $184.43 and its two-hundred day moving average is $188.27.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued a dividend of $1.00 per share. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s payout ratio is 69.69%.

Insider Buying and Selling

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was 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 approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, 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 position. 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. 1.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent analyst reports. Mizuho dropped their price target on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research note on Monday. Morgan Stanley boosted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Truist Financial boosted their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Scotiabank dropped their price target on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company upped their target price 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. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $209.29.

Targa Resources 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.