Simon Quick Advisors LLC Acquires Shares of 9,905 Targa Resources, Inc. $TRGP

Key Points

• Simon Quick Advisors initiated a new stake in Targa Resources (NYSE:TRGP) in Q4, buying 9,905 shares valued at about $1.83 million according to its latest 13F filing.
• Significant insider selling occurred recently—insiders sold 104,929 shares worth $24.69 million over the past 90 days (including notable sales by Robert Muraro and Patrick McDonie), leaving insiders with 1.37% ownership.
• Targa raised its quarterly dividend to $1.25 (annualized $5.00, ~2.1% yield), while analysts maintain a "Moderate Buy" consensus with an average price target of about $259.93 as the stock trades near $240.65.

Simon Quick Advisors LLC acquired a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 9,905 shares of the pipeline company's stock, valued at approximately $1,827,000.

Several other institutional investors also recently bought and sold shares of TRGP. Woodline Partners LP increased its stake in Targa Resources by 40.7% in 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 during the period. Focus Partners Wealth grew its stake in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock worth $788,000 after purchasing an additional 2,404 shares during the period. Baird Financial Group Inc. grew its stake in shares of Targa Resources by 6.3% during the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock worth $644,000 after purchasing an additional 219 shares during the period. Brown Advisory Inc. grew its stake in shares of Targa Resources by 13.1% during the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock worth $787,000 after purchasing an additional 524 shares during the period. Finally, Cerity Partners LLC grew its stake in shares of Targa Resources by 11.0% during the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock worth $5,550,000 after purchasing an additional 3,163 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 24,589 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 197,401 shares in the company, valued at $47,640,757.34. The trade was a 11.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick J. Mcdonie sold 31,537 shares of the business's stock in a transaction dated 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 sale, the insider owned 305,163 shares in the company, valued at $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 104,929 shares of company stock worth $24,692,134. 1.37% of the stock is owned by company insiders.

Targa Resources Price Performance

Targa Resources stock opened at $240.65 on Friday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $253.87. 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 firm's 50-day simple moving average is $238.75 and its 200 day simple moving average is $199.11. The firm has a market capitalization of $51.69 billion, a PE ratio of 28.01, a P/E/G ratio of 1.55 and a beta of 0.81.

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 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 business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. On average, equities research analysts predict that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be given a $1.25 dividend. The ex-dividend date is Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 2.1%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's payout ratio is presently 58.21%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRGP. BMO Capital Markets reaffirmed an "outperform" rating and set a $241.00 price target on shares of Targa Resources in a research note on Friday, February 20th. TD Cowen upped their price target on shares of Targa Resources from $192.00 to $220.00 and gave the stock a "hold" rating in a research note on Monday, February 23rd. Citigroup upped their price target on shares of Targa Resources from $200.00 to $262.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Finally, Stifel Nicolaus upped their price target on shares of Targa Resources from $213.00 to $243.00 and gave the stock a "buy" rating in a research note on Friday, February 20th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $259.93.

Targa Resources Company 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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