Caption Management LLC Boosts Holdings in Targa Resources Corp. (NYSE:TRGP)

Caption Management LLC grew its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 59.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,200 shares of the pipeline company's stock after purchasing an additional 21,400 shares during the quarter. Caption Management LLC's holdings in Targa Resources were worth $10,210,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Targa Resources by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after buying an additional 150,038 shares in the last quarter. Geode Capital Management LLC grew its stake in Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after acquiring an additional 212,986 shares in the last quarter. Norges Bank acquired a new stake in Targa Resources in the 4th quarter valued at about $505,132,000. Price T Rowe Associates Inc. MD raised its holdings in Targa Resources by 2.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after acquiring an additional 53,853 shares during the last quarter. Finally, GQG Partners LLC purchased a new position in Targa Resources in the 4th quarter worth approximately $393,335,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Scotiabank cut their price target on Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating for the company in a report on Tuesday, April 29th. Morgan Stanley lifted their price target on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Barclays reduced their target price on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Royal Bank of Canada increased their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research note on Monday, March 3rd. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $207.21.

Targa Resources Price Performance

Shares of TRGP opened at $158.21 on Tuesday. The company has a market cap of $34.42 billion, a P/E ratio of 27.56, a PEG ratio of 0.61 and a beta of 1.22. 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 quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm's 50 day moving average price is $181.65 and its 200 day moving average price is $188.45.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) 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 company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. On average, research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed 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 is presently 73.66%.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,914 shares of company stock worth $22,613,288. Company 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.

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