Family Capital Trust Co Boosts Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Family Capital Trust Co boosted its stake in Targa Resources by 2,018.7% in Q4 to 22,162 shares worth $4.09 million, making TRGP its 24th largest holding (≈1.3% of the portfolio).
• Company insiders have sold 104,929 shares (~$24.69 million) over the past 90 days, including Patrick J. Mcdonie's sale of 31,537 shares for $7.55 million; insiders now own 1.37% of the stock.
• Targa raised its quarterly dividend to $1.25 (annualized $5.00, yield 2.1%), while analysts have increased price targets and rate the stock a consensus "Moderate Buy" with an average target of $258.07.

Family Capital Trust Co lifted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 2,018.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,162 shares of the pipeline company's stock after purchasing an additional 21,116 shares during the quarter. Targa Resources accounts for approximately 1.3% of Family Capital Trust Co's investment portfolio, making the stock its 24th largest position. Family Capital Trust Co's holdings in Targa Resources were worth $4,089,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TRGP. Wellington Management Group LLP grew its holdings in shares of 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 purchasing an additional 1,620,253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Targa Resources in the third quarter valued at $121,426,000. Vanguard Group Inc. grew its holdings in shares of 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. Merewether Investment Management LP grew its holdings in shares of Targa Resources by 52.9% in the second quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company's stock valued at $172,789,000 after purchasing an additional 343,319 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Targa Resources by 107.1% in the third quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company's stock valued at $98,628,000 after purchasing an additional 304,426 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider owned 305,163 shares in the company, valued at $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the completion of the sale, the director owned 77,094 shares in the company, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 104,929 shares of company stock valued at $24,692,134. Insiders own 1.37% of the company's stock.

Targa Resources Stock Performance

TRGP stock opened at $235.63 on Monday. 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 business's fifty day simple moving average is $237.10 and its two-hundred day simple moving average is $196.80. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.87. The firm has a market cap of $50.61 billion, a price-to-earnings ratio of 27.43, a PEG ratio of 1.52 and a beta of 0.81.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be paid a $1.25 dividend. The ex-dividend date is Thursday, April 30th. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. Targa Resources's payout ratio is 46.57%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Targa Resources from $213.00 to $243.00 and gave the company a "buy" rating in a report on Friday, February 20th. Citigroup raised their target price 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. BMO Capital Markets restated an "outperform" rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Morgan Stanley raised their price target on Targa Resources from $298.00 to $327.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 7th. Finally, Mizuho raised their price target on Targa Resources from $207.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, March 19th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $258.07.

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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