Twinbeech Capital LP Purchases New Shares in Targa Resources Corp. (NYSE:TRGP)

Twinbeech Capital LP acquired a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 22,236 shares of the pipeline company's stock, valued at approximately $3,969,000.

Several other large investors also recently bought and sold shares of TRGP. Barclays PLC increased its holdings in Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock worth $153,124,000 after buying an additional 168,602 shares in the last quarter. Park Avenue Securities LLC increased its holdings in Targa Resources by 90.4% in the 4th quarter. Park Avenue Securities LLC now owns 3,119 shares of the pipeline company's stock worth $557,000 after buying an additional 1,481 shares in the last quarter. Wealthcare Advisory Partners LLC bought a new stake in Targa Resources in the 4th quarter worth about $223,000. Merit Financial Group LLC bought a new stake in Targa Resources in the 4th quarter worth about $216,000. Finally, HB Wealth Management LLC grew its stake in shares of Targa Resources by 23.8% during the 4th quarter. HB Wealth Management LLC now owns 7,290 shares of the pipeline company's stock valued at $1,301,000 after purchasing an additional 1,402 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TRGP shares. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Citigroup cut their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Morgan Stanley boosted their price objective on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Wells Fargo & Company boosted their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, The Goldman Sachs Group cut their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $198.79.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 35,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.34% of the company's stock.

Targa Resources Price Performance

NYSE TRGP traded up $1.36 during trading hours on Friday, reaching $160.45. The company's stock had a trading volume of 1,475,529 shares, compared to its average volume of 1,798,477. The firm's 50-day moving average price is $174.40 and its 200-day moving average price is $187.76. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1 year low of $113.65 and a 1 year high of $218.51. The company has a market capitalization of $34.81 billion, a price-to-earnings ratio of 27.95, a PEG ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. On average, equities research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were issued a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio is presently 73.66%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.