Prudential PLC Acquires 4,474 Shares of Targa Resources Corp. (NYSE:TRGP)

Prudential PLC boosted its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 170.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,106 shares of the pipeline company's stock after purchasing an additional 4,474 shares during the quarter. Prudential PLC's holdings in Targa Resources were worth $1,268,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new position in shares of Targa Resources during the fourth quarter worth approximately $505,132,000. GQG Partners LLC acquired a new position in Targa Resources in the 4th quarter valued at $393,335,000. Raymond James Financial Inc. bought a new position in Targa Resources during the 4th quarter worth $150,372,000. TD Asset Management Inc. lifted its holdings in shares of Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after buying an additional 825,267 shares in the last quarter. Finally, Amundi boosted its position in shares of Targa Resources by 20.9% in the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company's stock valued at $353,469,000 after acquiring an additional 318,261 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at $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 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.39% of the company's stock.

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Wall Street Analyst Weigh In

A number of research firms recently commented on TRGP. Citigroup raised their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Royal Bank of Canada lifted their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research report on Monday, March 3rd. Barclays cut their price target on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a research note on Wednesday. Scotiabank lowered 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. Finally, The Goldman Sachs Group upped their target price on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Targa Resources currently has an average rating of "Buy" and an average target price of $210.64.

Targa Resources Price Performance

Shares of Targa Resources stock traded up $0.84 during midday trading on Friday, hitting $163.27. 2,758,741 shares of the company traded hands, compared to its average volume of 1,721,472. The firm's fifty day moving average price is $192.02 and its 200-day moving average price is $187.11. The stock has a market cap of $35.52 billion, a price-to-earnings ratio of 28.44, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its 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). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. As a group, sell-side analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.29%. Targa Resources's dividend payout ratio is presently 52.26%.

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.