Groupama Asset Managment Acquires New Holdings in Targa Resources Corp. (NYSE:TRGP)

Groupama Asset Managment bought a new position in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 12,465 shares of the pipeline company’s stock, valued at approximately $2,216,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Trexquant Investment LP lifted its holdings in shares of Targa Resources by 2.2% during the 4th quarter. Trexquant Investment LP now owns 76,112 shares of the pipeline company’s stock valued at $13,586,000 after purchasing an additional 1,629 shares in the last quarter. Geode Capital Management LLC raised its holdings in Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock worth $1,056,187,000 after buying an additional 212,986 shares during the period. Nemes Rush Group LLC bought a new position in Targa Resources in the fourth quarter valued at approximately $12,230,000. HighPoint Advisor Group LLC lifted its stake in Targa Resources by 10.8% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,523 shares of the pipeline company’s stock valued at $272,000 after buying an additional 148 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG boosted its holdings in shares of Targa Resources by 73.4% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 13,772 shares of the pipeline company’s stock valued at $2,458,000 after buying an additional 5,831 shares during the period. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Up 1.4 %

Shares of NYSE:TRGP opened at $205.86 on Thursday. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market capitalization of $44.90 billion, a P/E ratio of 35.86, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a 50-day simple moving average of $198.61 and a 200 day simple moving average of $186.23.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Sell-side analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders 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 annualized dividend and a dividend yield of 1.46%. Targa Resources’s dividend payout ratio is currently 52.26%.

Wall Street Analyst Weigh In

Several research firms recently commented on TRGP. Barclays boosted their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Truist Financial upped their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. The Goldman Sachs Group lifted their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Scotiabank reduced their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Finally, Morgan Stanley lifted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $211.00.

Insider Activity

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

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.