HITE Hedge Asset Management LLC Takes $12.24 Million Position in Targa Resources Corp. (NYSE:TRGP)

HITE Hedge Asset Management LLC purchased a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 68,589 shares of the pipeline company's stock, valued at approximately $12,243,000.

A number of other large investors also recently modified their holdings of the company. Atala Financial Inc purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $31,000. Rakuten Securities Inc. increased its position in Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after buying an additional 146 shares during the period. Mizuho Bank Ltd. purchased a new stake in Targa Resources in the fourth quarter valued at approximately $36,000. Aspect Partners LLC increased its position in Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after acquiring an additional 130 shares during the period. Finally, Rosenberg Matthew Hamilton raised its stake in Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after acquiring an additional 89 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm's stock in a transaction that occurred on 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. This trade represents a 6.31 % 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 quarter. Company insiders own 1.34% of the company's stock.

Targa Resources Trading Up 1.9 %

NYSE:TRGP traded up $3.17 on Wednesday, hitting $174.07. 1,150,090 shares of the stock were exchanged, compared to its average volume of 1,724,894. The stock has a fifty day moving average of $187.45 and a 200-day moving average of $187.74. The stock has a market cap of $37.88 billion, a PE ratio of 30.33, a PEG ratio of 0.61 and a beta of 1.75. 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 Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51.

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 the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. As a group, equities analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, May 15th. Shareholders 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 of this dividend is Wednesday, April 30th. Targa Resources's dividend payout ratio is presently 69.69%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. Barclays decreased their price target on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Wells Fargo & Company raised their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Finally, Mizuho boosted their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average target price of $210.64.

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.