SCS Capital Management LLC Grows Stock Holdings in Targa Resources, Inc. $TRGP

SCS Capital Management LLC raised its position in Targa Resources, Inc. (NYSE:TRGP) by 3.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 114,183 shares of the pipeline company’s stock after acquiring an additional 3,326 shares during the quarter. SCS Capital Management LLC owned approximately 0.05% of Targa Resources worth $21,067,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TRGP. Olistico Wealth LLC purchased a new position in shares of Targa Resources in the fourth quarter valued at about $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources in the fourth quarter valued at about $27,000. Leonteq Securities AG bought a new stake in shares of Targa Resources during the 4th quarter valued at about $31,000. Godfrey Financial Associates Inc. bought a new stake in shares of Targa Resources during the 4th quarter valued at about $37,000. Finally, Eagle Bay Advisors LLC bought a new stake in shares of Targa Resources during the 4th quarter valued at about $42,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.0%

Shares of TRGP opened at $255.14 on Monday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm’s 50-day moving average price is $251.28 and its 200-day moving average price is $216.51. The firm has a market capitalization of $54.76 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 1.32 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Sell-side analysts anticipate that Targa Resources, Inc. will post 10.67 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 2.0%. Targa Resources’s dividend payout ratio is 50.56%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TRGP shares. Truist Financial lifted their target price on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Mizuho lifted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday. Finally, Wells Fargo & Company lifted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.21.

Insider Buying and Selling

In related news, insider Robert Muraro sold 24,589 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the transaction, the insider owned 197,401 shares of the company’s stock, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.37% of the stock is owned by company insiders.

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.