Groupama Asset Managment Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

Groupama Asset Managment purchased a new stake in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, HoldingsChannel reports. The firm purchased 12,465 shares of the pipeline company’s stock, valued at approximately $2,216,000.

Several other institutional investors have also made changes to their positions in the stock. Atala Financial Inc acquired a new position in Targa Resources in the 4th quarter valued at $31,000. Rakuten Securities Inc. lifted its position in Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 146 shares during the period. Aspect Partners LLC grew its stake in Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after buying an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton increased its holdings in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after buying an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at approximately $49,000. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Truist Financial lifted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. The Goldman Sachs Group upped their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Citigroup lifted their target price on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Finally, Scotiabank dropped their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $211.00.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by insiders.

Targa Resources Price Performance

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

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 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 analyst estimates 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 analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is presently 52.26%.

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.