Geode Capital Management LLC Grows Stake in Targa Resources, Inc. $TRGP

Key Points

• Geode Capital Management slightly increased its stake in Targa Resources by 0.8% in the fourth quarter, ending with 5.87 million shares worth about $1.08 billion.
• Targa Resources reported mixed quarterly results, with earnings of $2.21 per share and revenue of $4.09 billion, both below analyst expectations.
• The company raised its quarterly dividend to $1.25 per share from $1.00, while Wall Street currently assigns TRGP a Moderate Buy consensus rating with a $269.21 target price.

Geode Capital Management LLC increased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 0.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,867,345 shares of the pipeline company's stock after purchasing an additional 45,495 shares during the quarter. Geode Capital Management LLC owned approximately 2.73% of Targa Resources worth $1,078,497,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Woodline Partners LP grew its holdings in Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock valued at $3,693,000 after buying an additional 5,327 shares in the last quarter. Focus Partners Wealth increased its stake in Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock worth $788,000 after acquiring an additional 2,404 shares during the last quarter. Baird Financial Group Inc. increased its stake in Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock worth $644,000 after acquiring an additional 219 shares during the last quarter. Brown Advisory Inc. increased its stake in Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock worth $787,000 after acquiring an additional 524 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in Targa Resources by 11.0% in the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock worth $5,550,000 after acquiring an additional 3,163 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In other news, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the completion of the transaction, the insider owned 197,401 shares in the company, valued at approximately $47,640,757.34. The trade was a 11.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 66,728 shares of company stock worth $16,196,694. 1.37% of the stock is currently owned by company insiders.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $255.14 on Friday. The stock has a market cap of $54.76 billion, a price-to-earnings ratio of 25.80, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a 50 day moving average price of $251.28 and a 200-day moving average price of $216.18. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). The company 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 analysts expect that Targa Resources, Inc. will post 10.67 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were issued a $1.25 dividend. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.0%. Targa Resources's dividend payout ratio (DPR) is presently 50.56%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on TRGP shares. Truist Financial lifted their price objective on Targa Resources from $285.00 to $289.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Targa Resources in a research note on Monday, May 4th. TD Cowen lifted their price objective on Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a research note on Monday, May 11th. Scotiabank lifted their price objective on Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Finally, Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research note on Wednesday. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $269.21.

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.