LBP AM SA bought a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 36,668 shares of the pipeline company's stock, valued at approximately $6,545,000.
Several other hedge funds and other institutional investors have also bought and sold shares of TRGP. Raymond James Financial Inc. purchased a new stake in Targa Resources in the fourth quarter worth approximately $150,372,000. Wellington Management Group LLP boosted its stake in Targa Resources by 4.4% in 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 boosted its stake in Targa Resources by 20.9% in 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 boosted its stake in Targa Resources by 75.4% in 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 boosted its stake in Targa Resources by 40.0% in 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. Hedge funds and other institutional investors own 92.13% of the company's stock.
Targa Resources Stock Up 2.4 %
Targa Resources stock traded up $4.63 on Wednesday, hitting $198.90. 1,026,053 shares of the stock traded hands, compared to its average volume of 1,577,813. 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 firm has a market cap of $43.38 billion, a P/E ratio of 34.65, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The business's fifty day simple moving average is $199.40 and its 200 day simple moving average is $182.29. Targa Resources Corp. has a 1 year low of $107.31 and a 1 year high of $218.51.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, sell-side analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.
Targa Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.51%. The ex-dividend date was Friday, January 31st. Targa Resources's dividend payout ratio is currently 52.26%.
Analyst Upgrades and Downgrades
TRGP has been the subject of a number of analyst reports. Royal Bank of Canada increased their price objective on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research note on Monday, March 3rd. The Goldman Sachs Group increased their price objective on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Morgan Stanley increased their price objective on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday. Mizuho increased their price objective on Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Finally, Scotiabank dropped their price objective on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources has an average rating of "Buy" and an average target price of $210.50.
Check Out Our Latest Report on Targa Resources
Insider Buying and Selling at Targa Resources
In other news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated 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 transaction, the insider now owns 227,269 shares of the company's stock, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at approximately $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 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by company insiders.
About Targa Resources
(
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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