Caisse DE Depot ET Placement DU Quebec Takes Position in Targa Resources Corp. (NYSE:TRGP)

Caisse DE Depot ET Placement DU Quebec purchased a new stake in Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 49,429 shares of the pipeline company's stock, valued at approximately $8,823,000.

Several other hedge funds have also recently bought and sold shares of TRGP. Freestone Grove Partners LP purchased a new stake in Targa Resources during the fourth quarter worth about $34,071,000. Voleon Capital Management LP purchased a new stake in Targa Resources during the 4th quarter worth approximately $7,899,000. PDT Partners LLC purchased a new position in Targa Resources in the 4th quarter valued at approximately $4,944,000. Schonfeld Strategic Advisors LLC boosted its position in Targa Resources by 45.2% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 28,600 shares of the pipeline company's stock valued at $5,105,000 after buying an additional 8,906 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Targa Resources by 35.2% in the fourth quarter. AQR Capital Management LLC now owns 356,918 shares of the pipeline company's stock worth $63,710,000 after acquiring an additional 92,941 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analysts Set New Price Targets

TRGP has been the subject of several analyst reports. Scotiabank cut their price target on Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating on the stock in a report on Tuesday, April 29th. The Goldman Sachs Group reduced their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday. Wells Fargo & Company increased their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Citigroup upped their price target on Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Finally, Royal Bank of Canada boosted their target price on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. 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 data from MarketBeat, Targa Resources presently has an average rating of "Buy" and an average price target of $207.21.

Targa Resources Price Performance

TRGP traded down $0.64 on Tuesday, hitting $157.61. 2,927,268 shares of the company were exchanged, compared to its average volume of 1,759,049. The business's fifty day moving average is $181.65 and its 200 day moving average is $188.45. Targa Resources Corp. has a fifty-two week low of $112.05 and a fifty-two week 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. The firm has a market capitalization of $34.29 billion, a P/E ratio of 27.46, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last issued 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 business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. As a group, sell-side analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be paid a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources's payout ratio is 73.66%.

Insider Activity at Targa Resources

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.34% of the company's stock.

Targa Resources 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.