Hsbc Holdings PLC Acquires 91,668 Shares of Targa Resources Corp. (NYSE:TRGP)

Hsbc Holdings PLC lifted its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 14.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 718,022 shares of the pipeline company's stock after purchasing an additional 91,668 shares during the quarter. Hsbc Holdings PLC owned about 0.33% of Targa Resources worth $128,181,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Barclays PLC lifted its position in Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after acquiring an additional 168,602 shares in the last quarter. Virtu Financial LLC lifted its holdings in shares of Targa Resources by 39.4% during the third quarter. Virtu Financial LLC now owns 8,447 shares of the pipeline company's stock valued at $1,250,000 after purchasing an additional 2,388 shares in the last quarter. Fulcrum Equity Management boosted its position in shares of Targa Resources by 7.1% during the third quarter. Fulcrum Equity Management now owns 3,135 shares of the pipeline company's stock valued at $464,000 after buying an additional 208 shares during the last quarter. Sfmg LLC increased its holdings in Targa Resources by 3.3% in the 3rd quarter. Sfmg LLC now owns 3,131 shares of the pipeline company's stock worth $463,000 after buying an additional 100 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in Targa Resources in the 3rd quarter worth about $145,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction, the chief executive officer now owns 725,628 shares of the company's stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TRGP. Morgan Stanley lifted their price target 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. 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 research note on Monday, March 3rd. Scotiabank dropped their price target 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. Citigroup upped their price objective on Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Finally, Barclays dropped their target price on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average target price of $210.64.

Targa Resources Trading Up 3.9 %

Shares of Targa Resources stock opened at $170.89 on Wednesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a fifty day moving average of $187.45 and a 200 day moving average of $187.74. The company has a market capitalization of $37.18 billion, a P/E ratio of 29.77, a P/E/G ratio of 0.61 and a beta of 1.75. 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 released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts' expectations of $4.48 billion. On average, sell-side analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given 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 payout ratio is currently 69.69%.

Targa Resources 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.

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