12,386 Shares in Targa Resources, Inc. $TRGP Bought by ABN Amro Investment Solutions

Key Points

• ABN Amro Investment Solutions disclosed a new fourth-quarter stake in Targa Resources, buying 12,386 shares worth about $2.29 million.
• Targa Resources’ stock was trading higher and remains heavily owned by institutions, with 92.13% of shares held by institutional investors.
• The company recently raised its quarterly dividend to $1.25 per share from $1.00, though its latest earnings missed analyst estimates on both EPS and revenue.

ABN Amro Investment Solutions acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 12,386 shares of the pipeline company's stock, valued at approximately $2,285,000.

A number of other institutional investors have also added to or reduced their stakes in TRGP. Vanguard Group Inc. raised its stake in Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock valued at $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Wellington Management Group LLP increased its stake in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares during the last quarter. UBS Group AG raised its position in Targa Resources by 9.9% during the third quarter. UBS Group AG now owns 2,360,311 shares of the pipeline company's stock valued at $395,447,000 after purchasing an additional 212,887 shares in the last quarter. Northern Trust Corp lifted its stake in Targa Resources by 4.1% during the third quarter. Northern Trust Corp now owns 2,175,544 shares of the pipeline company's stock worth $364,491,000 after purchasing an additional 84,757 shares during the last quarter. Finally, Chickasaw Capital Management LLC boosted its holdings in shares of Targa Resources by 0.5% in the 4th quarter. Chickasaw Capital Management LLC now owns 1,834,117 shares of the pipeline company's stock worth $338,395,000 after purchasing an additional 8,559 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 2.4%

TRGP opened at $276.62 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The stock has a market cap of $59.37 billion, a PE ratio of 27.97, a PEG ratio of 1.69 and a beta of 0.75. The business has a 50 day moving average of $248.57 and a 200-day moving average of $212.59.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts' expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities research analysts predict that Targa Resources, Inc. will post 10.66 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This is an increase from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources's payout ratio is presently 50.56%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of the company's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the sale, the insider owned 31,938 shares in the company, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles R. Crisp sold 10,602 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company's stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 115,531 shares of company stock valued at $27,405,821 over the last three months. 1.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research report on Friday, May 8th. The Goldman Sachs Group upped their target price on Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. UBS Group increased their price target on shares of Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research report on Tuesday, March 24th. BMO Capital Markets reaffirmed an "outperform" rating and set a $241.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Finally, Scotiabank lifted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $266.36.

About Targa Resources

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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