Burling Wealth Partners LLC Invests $417,000 in Targa Resources Corp. (NYSE:TRGP)

Burling Wealth Partners LLC acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,334 shares of the pipeline company's stock, valued at approximately $417,000.

A number of other institutional investors also recently modified their holdings of TRGP. Fisher Asset Management LLC grew its holdings in shares of Targa Resources by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after purchasing an additional 67 shares during the last quarter. Mather Group LLC. boosted its position in Targa Resources by 2.3% in the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock valued at $540,000 after buying an additional 68 shares during the last quarter. Keybank National Association OH increased its stake in shares of Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after buying an additional 70 shares during the period. Huntington National Bank raised its position in shares of Targa Resources by 16.5% during the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock worth $99,000 after acquiring an additional 79 shares during the last quarter. Finally, Catalina Capital Group LLC boosted its stake in shares of Targa Resources by 3.9% in the 4th quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company's stock valued at $400,000 after purchasing an additional 85 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 0.7 %

Shares of Targa Resources stock traded down $1.17 on Tuesday, reaching $178.08. 1,224,387 shares of the company were exchanged, compared to its average volume of 1,731,677. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a 50-day moving average of $184.97 and a 200 day moving average of $188.34. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. The company has a market capitalization of $38.75 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last posted 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). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion for 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 Dividend Announcement

The business also recently announced a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources's dividend payout ratio is presently 69.69%.

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction on 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 completion of the sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the 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 transaction, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.34% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on TRGP shares. Barclays lowered their target price on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Scotiabank dropped their price objective on Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating for the company in a report on Tuesday. Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Morgan Stanley lifted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Finally, Citigroup increased their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Targa Resources currently has an average rating of "Buy" and an average price target of $209.29.

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.