Brevan Howard Capital Management LP Grows Stock Position in Targa Resources Corp. (NYSE:TRGP)

Brevan Howard Capital Management LP raised its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 208.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,700 shares of the pipeline company's stock after purchasing an additional 21,426 shares during the period. Brevan Howard Capital Management LP's holdings in Targa Resources were worth $5,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Atala Financial Inc purchased a new stake in shares of Targa Resources in the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC purchased a new stake in Targa Resources in the fourth quarter worth $31,000. Rakuten Securities Inc. increased its stake in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after purchasing an additional 146 shares during the period. Mizuho Bank Ltd. bought a new stake in shares of Targa Resources during the fourth quarter worth $36,000. Finally, Aspect Partners LLC boosted its stake in shares of Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock valued at $39,000 after purchasing an additional 130 shares during the period. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

TRGP has been the subject of a number of research analyst reports. Royal Bank of Canada decreased their price objective on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a report on Thursday. Mizuho lowered their price target on Targa Resources from $226.00 to $218.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Morgan Stanley raised their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Wells Fargo & Company raised their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $205.07.

Targa Resources Stock Performance

TRGP traded up $1.14 during midday trading on Thursday, hitting $160.03. 2,755,428 shares of the company were exchanged, compared to its average volume of 1,770,024. The company's 50 day simple moving average is $180.05 and its 200 day simple moving average is $188.03. The firm has a market capitalization of $34.82 billion, a price-to-earnings ratio of 27.88, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 1-year low of $112.27 and a 1-year high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. As a group, sell-side analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given 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 dividend payout ratio (DPR) is presently 73.66%.

Insider Activity at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction on 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 sale, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 in the last 90 days. Corporate insiders own 1.34% of the company's stock.

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.