2,200 Shares in Targa Resources, Inc. $TRGP Purchased by Novare Capital Management LLC

Novare Capital Management LLC acquired a new position in Targa Resources, Inc. (NYSE:TRGP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,200 shares of the pipeline company’s stock, valued at approximately $406,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AlphaCore Capital LLC purchased a new stake in Targa Resources in the 4th quarter worth about $227,000. DNB Asset Management AS raised its position in Targa Resources by 0.5% in the 4th quarter. DNB Asset Management AS now owns 43,836 shares of the pipeline company’s stock worth $8,088,000 after purchasing an additional 208 shares during the period. Fulcrum Asset Management LLP raised its position in Targa Resources by 15.3% in the 4th quarter. Fulcrum Asset Management LLP now owns 8,673 shares of the pipeline company’s stock worth $1,610,000 after purchasing an additional 1,149 shares during the period. Thrivent Financial for Lutherans raised its position in Targa Resources by 104.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 19,154 shares of the pipeline company’s stock worth $3,534,000 after purchasing an additional 9,807 shares during the period. Finally, Allworth Financial LP raised its position in Targa Resources by 5.2% in the 4th quarter. Allworth Financial LP now owns 2,531 shares of the pipeline company’s stock worth $467,000 after purchasing an additional 126 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $272.04 on Friday. The firm has a market cap of $58.39 billion, a PE ratio of 27.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. The firm’s 50 day simple moving average is $244.80 and its 200-day simple moving average is $208.36. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $273.11. 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 issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, equities analysts predict that Targa Resources, Inc. will post 10.66 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Thursday, April 30th. Targa Resources’s payout ratio is 50.56%.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Jennifer R. Kneale sold 29,509 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the transaction, the president owned 235,260 shares in the company, valued at approximately $54,138,031.20. This represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 115,531 shares of company stock valued at $27,405,821. 1.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on TRGP. Scotiabank increased their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday. UBS Group increased their price objective on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Truist Financial increased their price objective on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays increased their price objective on shares of Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, The Goldman Sachs Group raised their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $266.36.

Targa Resources Company Profile

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.