Envestnet Asset Management Inc. lowered its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 11.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 427,051 shares of the pipeline company's stock after selling 56,785 shares during the period. Envestnet Asset Management Inc. owned about 0.20% of Targa Resources worth $76,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. Norges Bank acquired a new stake in Targa Resources in the fourth quarter valued at approximately $505,132,000. GQG Partners LLC acquired a new stake in shares of Targa Resources in the 4th quarter valued at $393,335,000. Raymond James Financial Inc. acquired a new stake in shares of Targa Resources in the 4th quarter valued at $150,372,000. TD Asset Management Inc. lifted its position in shares of Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after purchasing an additional 825,267 shares during the last quarter. Finally, Amundi grew its stake in shares of Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company's stock worth $353,469,000 after purchasing an additional 318,261 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.
Targa Resources Stock Performance
TRGP traded up $3.03 on Monday, hitting $166.59. 397,452 shares of the company traded hands, compared to its average volume of 1,904,559. The company has a 50 day moving average of $192.02 and a 200-day moving average of $187.11. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The stock has a market capitalization of $36.25 billion, a PE ratio of 29.02, a PEG ratio of 0.61 and a beta of 1.75. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.
Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.
Targa Resources Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.29%. Targa Resources's dividend payout ratio (DPR) is 52.26%.
Analysts Set New Price Targets
A number of analysts have issued reports on TRGP shares. Wells Fargo & Company lifted 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. The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Scotiabank dropped their price target on shares of 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. Citigroup boosted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Finally, Morgan Stanley upped their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $210.64.
Read Our Latest Report on Targa Resources
Insider Buying and Selling
In related news, insider Jennifer R. Kneale sold 29,887 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of the firm's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last ninety days. Corporate insiders own 1.39% of the company's stock.
Targa Resources Company Profile
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Free Report)
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.
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