D.A. Davidson & CO. Purchases 21,361 Shares of Targa Resources, Inc. $TRGP

Key Points

• D.A. Davidson boosted its stake in Targa Resources by 499.6% in Q4, buying an additional 21,361 shares to hold 25,637 shares worth about $4.73 million.
• Insiders sold heavily over the last quarter — 104,929 shares totaling $24.69 million — including Robert Muraro and Patrick J. Mcdonie, each cutting their positions by double-digit percentages.
• Targa raised its quarterly dividend to $1.25 (annualized $5.00, ~2.0% yield), while analysts keep a "Moderate Buy" consensus with a $259.93 average price target.

D.A. Davidson & CO. boosted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 499.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,637 shares of the pipeline company's stock after purchasing an additional 21,361 shares during the quarter. D.A. Davidson & CO.'s holdings in Targa Resources were worth $4,730,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings 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 worth $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Wellington Management Group LLP raised its holdings 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 worth $3,291,012,000 after purchasing an additional 1,620,253 shares in the last quarter. UBS Group AG raised its holdings in Targa Resources by 9.9% in the third quarter. UBS Group AG now owns 2,360,311 shares of the pipeline company's stock worth $395,447,000 after purchasing an additional 212,887 shares in the last quarter. Northern Trust Corp raised its holdings in Targa Resources by 4.1% in 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 in the last quarter. Finally, Chickasaw Capital Management LLC raised its holdings in Targa Resources by 0.5% in the fourth 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.

Insider Buying and Selling

In related news, insider Robert Muraro sold 24,589 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total value of $5,934,309.26. Following the transaction, the insider owned 197,401 shares in the company, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the transaction, the insider owned 305,163 shares in the company, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock worth $24,692,134 in the last quarter. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

TRGP opened at $249.84 on Thursday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $253.87. The firm's 50-day moving average price is $240.03 and its 200-day moving average price is $200.91. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The company has a market cap of $53.66 billion, a P/E ratio of 29.08, a price-to-earnings-growth ratio of 1.56 and a beta of 0.81.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. As a group, equities analysts anticipate that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be issued a $1.25 dividend. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date is Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 2.0%. Targa Resources's dividend payout ratio is currently 46.57%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Scotiabank boosted their target price on shares of Targa Resources from $246.00 to $249.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. BMO Capital Markets restated an "outperform" rating and set a $241.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Citigroup upped their price objective on shares of Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a report on Tuesday, February 24th. Morgan Stanley upped their price objective on shares of Targa Resources from $298.00 to $327.00 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Finally, TD Cowen upped their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the company a "hold" rating in a report on Monday, February 23rd. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $259.93.

Targa Resources Profile

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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