Targa Resources Corp. (NYSE:TRGP) Stake Lessened by Erste Asset Management GmbH

Erste Asset Management GmbH reduced its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 37.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,700 shares of the pipeline company's stock after selling 3,400 shares during the quarter. Erste Asset Management GmbH's holdings in Targa Resources were worth $1,011,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth about $150,372,000. Wellington Management Group LLP grew its holdings in shares of Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock worth $2,235,927,000 after buying an additional 633,589 shares in the last quarter. Amundi grew its holdings 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 buying an additional 318,261 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Targa Resources by 75.4% during the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company's stock worth $89,413,000 after buying an additional 259,776 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of Targa Resources by 40.0% during the fourth quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company's stock worth $158,957,000 after buying an additional 254,286 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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Targa Resources Trading Up 2.4 %

TRGP stock traded up $4.63 during midday trading on Wednesday, reaching $198.90. 1,026,053 shares of the company's stock traded hands, compared to its average volume of 1,666,959. The company has a market capitalization of $43.38 billion, a P/E ratio of 34.65, a PEG 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 fifty-two week low of $108.65 and a fifty-two week high of $218.51. The business has a 50-day moving average price of $199.40 and a two-hundred day moving average price of $182.29.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share 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%. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Analysts Set New Price Targets

TRGP has been the subject of a number of recent research reports. US Capital Advisors downgraded shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Mizuho lifted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Scotiabank lowered their target price on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a report on Thursday, March 6th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Finally, Royal Bank of Canada boosted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $210.50.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were 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 approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company's stock.

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.