NEOS Investment Management LLC Has $1.98 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

NEOS Investment Management LLC lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 28.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 11,094 shares of the pipeline company’s stock after buying an additional 2,484 shares during the period. NEOS Investment Management LLC’s holdings in Targa Resources were worth $1,980,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TRGP. Elo Mutual Pension Insurance Co increased its position in Targa Resources by 8.9% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 20,249 shares of the pipeline company’s stock worth $3,614,000 after buying an additional 1,655 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Targa Resources by 5.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 338,826 shares of the pipeline company’s stock worth $63,079,000 after acquiring an additional 17,413 shares in the last quarter. Banco BTG Pactual S.A. acquired a new position in shares of Targa Resources during the 4th quarter valued at about $345,000. TrueMark Investments LLC raised its stake in shares of Targa Resources by 302.9% in the 4th quarter. TrueMark Investments LLC now owns 10,149 shares of the pipeline company’s stock valued at $1,812,000 after acquiring an additional 7,630 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its holdings in Targa Resources by 15.6% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,672 shares of the pipeline company’s stock worth $834,000 after purchasing an additional 632 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction 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 completion of the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. 1.39% of the stock is owned by company insiders.

Targa Resources Stock Down 0.7 %

TRGP opened at $197.69 on Friday. The company has a market capitalization of $43.12 billion, a P/E ratio of 34.44, a P/E/G ratio of 0.61 and a beta of 2.32. 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 fifty day moving average price is $199.31 and its two-hundred day moving average price is $184.76. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $4.48 billion. On average, analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.52%. Targa Resources’s payout ratio is presently 52.26%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TRGP. Scotiabank dropped their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Royal Bank of Canada lifted 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. Truist Financial upped their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Mizuho lifted their price objective on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group increased their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. One investment 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. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $211.00.

About Targa Resources

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.