Alyeska Investment Group L.P. Has $66.88 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Alyeska Investment Group L.P. increased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 281.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 374,677 shares of the pipeline company's stock after purchasing an additional 276,539 shares during the quarter. Alyeska Investment Group L.P. owned 0.17% of Targa Resources worth $66,880,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TRGP. Norges Bank purchased a new position in shares of Targa Resources in the fourth quarter worth approximately $505,132,000. GQG Partners LLC purchased a new stake in shares of Targa Resources in the fourth quarter valued at $393,335,000. Canada Pension Plan Investment Board grew its holdings in shares of Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after buying an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Targa Resources during the fourth quarter valued at $150,372,000. Finally, TD Asset Management Inc. lifted its stake in Targa Resources by 568.7% in the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after acquiring an additional 825,267 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the firm'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 transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company's stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares of the company's stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on TRGP shares. Royal Bank of Canada boosted their price objective 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. Wells Fargo & Company upped their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Morgan Stanley lifted their price objective on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, Barclays reduced their price target on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $207.21.

Targa Resources Stock Performance

Shares of Targa Resources stock traded down $0.64 during midday trading on Tuesday, hitting $157.61. The company had a trading volume of 2,927,268 shares, compared to its average volume of 1,759,049. Targa Resources Corp. has a 1-year low of $112.05 and a 1-year high of $218.51. The business's 50 day simple moving average is $181.65 and its two-hundred day simple moving average is $188.45. The stock has a market cap of $34.29 billion, a PE ratio of 27.46, a P/E/G ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. As a group, equities analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued 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 presently 73.66%.

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.