Parallel Advisors LLC Has $857,000 Position in Targa Resources Corp. (NYSE:TRGP)

Parallel Advisors LLC boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 7.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,802 shares of the pipeline company’s stock after acquiring an additional 319 shares during the quarter. Parallel Advisors LLC’s holdings in Targa Resources were worth $857,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. MML Investors Services LLC lifted its holdings in Targa Resources by 65.1% in the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after buying an additional 10,100 shares during the period. Nordea Investment Management AB lifted its holdings in Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after buying an additional 13,167 shares during the period. Cerity Partners LLC lifted its holdings in Targa Resources by 47.5% in the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock valued at $4,277,000 after buying an additional 9,307 shares during the period. Capital Investment Advisors LLC lifted its holdings in Targa Resources by 191.4% in the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after buying an additional 5,431 shares during the period. Finally, Atomi Financial Group Inc. acquired a new position in Targa Resources in the fourth quarter valued at approximately $271,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % 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 hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TRGP. Truist Financial increased their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday. Scotiabank cut their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. The Goldman Sachs Group increased their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Royal Bank of Canada increased their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Finally, Morgan Stanley increased their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $210.50.

Targa Resources Stock Up 2.4 %

Shares of TRGP stock opened at $198.90 on Thursday. The firm has a fifty day moving average of $199.54 and a 200-day moving average of $182.41. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $108.65 and a 12-month high of $218.51. The company has a market capitalization of $43.38 billion, a price-to-earnings ratio of 34.65, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last issued 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 company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently 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.