Naples Money Management LLC Invests $222,000 in Targa Resources Corp. (NYSE:TRGP)

Naples Money Management LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,558 shares of the pipeline company’s stock, valued at approximately $222,000.

Other large investors also recently modified their holdings of the company. Harbour Investments Inc. lifted its stake in Targa Resources by 51.3% in the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 121 shares during the last quarter. Quarry LP bought a new stake in shares of Targa Resources in the 1st quarter valued at about $33,000. VisionPoint Advisory Group LLC boosted its holdings in Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 209 shares during the period. Rational Advisors LLC bought a new position in Targa Resources during the 3rd quarter worth approximately $43,000. Finally, Huntington National Bank increased its stake in Targa Resources by 124.4% in the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock worth $46,000 after purchasing an additional 296 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the subject of a number of analyst reports. Royal Bank of Canada increased their price objective on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Stifel Nicolaus increased their price target on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday. UBS Group decreased their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Truist Financial increased their target price on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Finally, Citigroup boosted their price target on Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average price target of $117.92.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the sale, the director now directly owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,966 shares of company stock worth $7,987,215. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Up 1.0 %

Shares of NYSE TRGP traded up $1.13 during mid-day trading on Friday, hitting $112.91. 1,518,420 shares of the stock traded hands, compared to its average volume of 1,746,291. The company has a market cap of $25.13 billion, a price-to-earnings ratio of 30.46 and a beta of 2.21. The stock has a fifty day moving average price of $105.34 and a 200-day moving average price of $92.49. Targa Resources Corp. has a 52 week low of $67.36 and a 52 week high of $117.61. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. Research analysts anticipate that Targa Resources Corp. will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.66%. Targa Resources’s dividend payout ratio (DPR) is currently 54.50%.

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.