Cresset Asset Management LLC trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 73.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,591 shares of the pipeline company's stock after selling 41,075 shares during the period. Cresset Asset Management LLC's holdings in Targa Resources were worth $2,604,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the company. Fisher Asset Management LLC boosted its stake in shares of Targa Resources by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock valued at $396,000 after purchasing an additional 67 shares in the last quarter. Mather Group LLC. boosted its stake in shares of Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock valued at $540,000 after purchasing an additional 68 shares in the last quarter. Keybank National Association OH boosted its stake in shares of Targa Resources by 0.4% during the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after purchasing an additional 70 shares in the last quarter. Baker Avenue Asset Management LP lifted its position in Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after acquiring an additional 74 shares during the last quarter. Finally, Huntington National Bank lifted its position in Targa Resources by 16.5% during the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock valued at $99,000 after acquiring an additional 79 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on TRGP shares. The Goldman Sachs Group decreased their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Mizuho decreased their target price on shares of Targa Resources from $226.00 to $218.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. UBS Group decreased their target price on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research report on Thursday. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Citigroup decreased their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $201.64.
Read Our Latest Report on TRGP
Insider Buying and Selling
In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction dated 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 transaction, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 transaction of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by insiders.
Targa Resources Price Performance
Shares of TRGP stock traded down $2.45 on Thursday, reaching $166.13. 894,301 shares of the company were exchanged, compared to its average volume of 1,778,487. The company has a market cap of $36.04 billion, a price-to-earnings ratio of 28.96, a P/E/G ratio of 0.61 and a beta of 1.22. The business has a 50-day moving average price of $177.82 and a 200 day moving average price of $188.01. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 1 year low of $113.65 and a 1 year high of $218.51.
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 for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.
Targa Resources Announces Dividend
The firm also recently declared a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's payout ratio is presently 73.66%.
About Targa Resources
(
Free Report)
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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