AGF Management Ltd. Purchases New Shares in Targa Resources Corp. (NYSE:TRGP)

AGF Management Ltd. bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 7,616 shares of the pipeline company's stock, valued at approximately $1,359,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TRGP. Raymond James Financial Inc. purchased a new position in shares of Targa Resources during the 4th quarter valued at approximately $150,372,000. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock valued at $2,235,927,000 after buying an additional 633,589 shares during the last quarter. Amundi boosted its stake in shares of Targa Resources by 20.9% during the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company's stock valued at $353,469,000 after buying an additional 318,261 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company's stock valued at $89,413,000 after buying an additional 259,776 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of Targa Resources by 40.0% during the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company's stock valued at $158,957,000 after buying an additional 254,286 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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Targa Resources Stock Performance

Shares of TRGP traded up $4.63 during trading hours on Wednesday, reaching $198.90. 1,018,094 shares of the company's stock traded hands, compared to its average volume of 1,577,782. The firm has a market capitalization of $43.38 billion, a price-to-earnings ratio of 34.65, 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. Targa Resources Corp. has a twelve month low of $107.31 and a twelve month high of $218.51. The business's fifty day simple moving average is $199.40 and its two-hundred day simple moving average is $182.29.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Friday, January 31st. Targa Resources's dividend payout ratio (DPR) is 52.26%.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 35,000 shares of Targa Resources 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 transaction, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last three months. Company insiders own 1.39% of the company's stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research analyst reports. Royal Bank of Canada raised their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. Barclays raised their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. Scotiabank reduced their price objective on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. The Goldman Sachs Group raised their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company raised their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $210.50.

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.