Barclays PLC Has $167.07 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Barclays PLC lowered its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 935,952 shares of the pipeline company's stock after selling 98,593 shares during the quarter. Barclays PLC owned approximately 0.43% of Targa Resources worth $167,066,000 as of its most recent filing with the SEC.

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

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction on 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 in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly 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. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 over the last 90 days. 1.34% of the stock is currently owned by company insiders.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $1.80 during midday trading on Friday, hitting $174.48. 1,975,788 shares of the company's stock were exchanged, compared to its average volume of 1,724,324. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market cap of $37.97 billion, a P/E ratio of 30.40, a PEG ratio of 0.61 and a beta of 1.75. The stock's 50 day moving average price is $188.84 and its 200-day moving average price is $187.35.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.28%. Targa Resources's dividend payout ratio is presently 69.69%.

Analysts Set New Price Targets

Several research analysts recently weighed in on TRGP shares. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Barclays decreased their target price on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Royal Bank of Canada upped their price target on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a report on Monday, March 3rd. Mizuho upped their target price on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Finally, 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. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus 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.