Royal London Asset Management Ltd. Purchases 11,738 Shares of Targa Resources Corp. (NYSE:TRGP)

Royal London Asset Management Ltd. lifted its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 17.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,104 shares of the pipeline company's stock after purchasing an additional 11,738 shares during the period. Royal London Asset Management Ltd.'s holdings in Targa Resources were worth $14,299,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TRGP. Vinva Investment Management Ltd increased its position in shares of Targa Resources by 10.6% during the 4th quarter. Vinva Investment Management Ltd now owns 10,354 shares of the pipeline company's stock valued at $1,841,000 after purchasing an additional 994 shares during the last quarter. Xponance Inc. raised its position in Targa Resources by 37.0% in the fourth quarter. Xponance Inc. now owns 65,912 shares of the pipeline company's stock worth $11,765,000 after acquiring an additional 17,796 shares during the period. Generali Asset Management SPA SGR purchased a new position in Targa Resources in the fourth quarter valued at about $5,079,000. Evoke Wealth LLC bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $230,000. Finally, Thrivent Financial for Lutherans increased its stake in shares of Targa Resources by 7.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 15,208 shares of the pipeline company's stock worth $2,752,000 after purchasing an additional 1,102 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Analyst Ratings Changes

Several equities analysts recently commented on the company. Scotiabank dropped their price objective 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. Wells Fargo & Company upped 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. Morgan Stanley raised their price target on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. The Goldman Sachs Group increased their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Finally, US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $211.00.

Insider Activity

In other news, CEO Matthew J. Meloy sold 48,837 shares of the business's 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 sale, the chief executive officer now owns 725,628 shares of the company's stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now owns 2,899 shares of the company's stock, valued at $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company's stock.

Targa Resources Price Performance

NYSE:TRGP traded down $3.66 during midday trading on Wednesday, hitting $201.91. The company had a trading volume of 1,281,103 shares, compared to its average volume of 1,568,440. The stock's fifty day moving average price is $200.01 and its 200-day moving average price is $184.16. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $44.04 billion, a PE ratio of 35.18, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data 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 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, research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. Targa Resources's payout ratio is 52.26%.

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.