Navellier & Associates Inc. decreased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 44.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,798 shares of the pipeline company's stock after selling 29,103 shares during the period. Navellier & Associates Inc.'s holdings in Targa Resources were worth $6,605,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Olistico Wealth LLC purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $27,000. Peoples Financial Services CORP. purchased a new position in shares of Targa Resources during the 3rd quarter worth approximately $34,000. Eagle Bay Advisors LLC purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $42,000. Root Financial Partners LLC purchased a new position in shares of Targa Resources during the 3rd quarter worth approximately $39,000. Finally, Avion Wealth boosted its position in shares of Targa Resources by 475.0% during the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company's stock worth $46,000 after purchasing an additional 228 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.
Insiders Place Their Bets
In related news, President Jennifer R. Kneale sold 29,509 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the transaction, the president owned 235,260 shares of the company's stock, valued at approximately $54,138,031.20. This represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 24,589 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares of the company's stock, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 104,929 shares of company stock valued at $24,692,134. 1.37% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on TRGP. Weiss Ratings raised shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, January 29th. UBS Group boosted their price target on shares of Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a research note on Tuesday, March 24th. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a report on Monday, April 20th. Morgan Stanley raised 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, Royal Bank Of Canada lifted their target price on Targa Resources from $260.00 to $270.00 and gave the stock an "outperform" rating in a research report on Monday, April 13th. 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 MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and an average price target of $259.93.
Read Our Latest Stock Report on Targa Resources
Targa Resources Stock Up 0.3%
TRGP stock opened at $259.69 on Wednesday. The company has a market cap of $55.78 billion, a P/E ratio of 30.23, a P/E/G ratio of 1.67 and a beta of 0.75. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $261.95. The company's 50-day moving average price is $241.32 and its 200 day moving average price is $202.80. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21.
Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. On average, research analysts expect that Targa Resources, Inc. will post 10.32 earnings per share 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. Shareholders of record on Thursday, April 30th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources's payout ratio is currently 58.21%.
About Targa Resources
(
Free Report)
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.
See Also
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).
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