Advisory Services Network LLC Boosts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Advisory Services Network LLC raised its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 46.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,880 shares of the pipeline company's stock after purchasing an additional 6,954 shares during the period. Advisory Services Network LLC's holdings in Targa Resources were worth $3,906,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Atala Financial Inc bought a new position in shares of Targa Resources in the 4th quarter valued at $31,000. Rakuten Securities Inc. increased its holdings in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after purchasing an additional 146 shares during the period. Mizuho Bank Ltd. bought a new position in Targa Resources during the 4th quarter worth $36,000. Aspect Partners LLC increased its stake in shares of Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after buying an additional 130 shares during the period. Finally, Rosenberg Matthew Hamilton increased its stake in shares of Targa Resources by 49.4% in the fourth 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. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares of the company's stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. 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 stock in a transaction that occurred 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 transaction, the insider now directly owns 227,269 shares of the company's stock, 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. Insiders have sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. Insiders own 1.39% of the company's stock.

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Wall Street Analyst Weigh In

Several analysts recently commented on TRGP shares. Scotiabank reduced their target price on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Royal Bank of Canada boosted their price objective on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group boosted their price target on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $210.64.

Targa Resources Stock Up 2.6 %

Shares of NYSE:TRGP traded up $4.33 during mid-day trading on Tuesday, hitting $169.06. 454,416 shares of the company traded hands, compared to its average volume of 1,719,564. The stock has a market cap of $36.78 billion, a P/E ratio of 29.45, a P/E/G ratio of 0.61 and a beta of 1.75. The stock has a 50-day moving average price of $191.23 and a two-hundred day moving average price of $187.23. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results 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). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. On average, equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, April 28th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.28%. Targa Resources's dividend payout ratio is currently 52.26%.

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.