Westfield Capital Management Co. LP Increases Holdings in Targa Resources, Inc. $TRGP

Key Points

• Westfield Capital Management increased its stake in Targa Resources by 8.8% in the fourth quarter, adding 16,116 shares to bring its total to 198,542 shares worth about $36.6 million.
• Targa Resources reported mixed quarterly results, with earnings of $2.21 per share missing estimates and revenue of $4.09 billion falling short of expectations. The stock was down about 1.2% and was trading near $264.19.
• The company raised its quarterly dividend to $1.25 per share from $1.00, while analysts remain broadly positive with a Moderate Buy consensus and a target price around $269.21.

Westfield Capital Management Co. LP grew its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,542 shares of the pipeline company's stock after buying an additional 16,116 shares during the quarter. Westfield Capital Management Co. LP owned 0.09% of Targa Resources worth $36,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Targa Resources by 1.5% during 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 acquiring an additional 422,075 shares during the last quarter. Wellington Management Group LLP boosted its position in 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 worth $3,291,012,000 after purchasing an additional 1,620,253 shares during the last quarter. Geode Capital Management LLC boosted its position in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Norges Bank bought a new stake in shares of Targa Resources during the 4th quarter valued at about $735,758,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Down 1.2%

TRGP stock opened at $264.19 on Friday. The business's 50-day moving average price is $253.46 and its 200-day moving average price is $219.42. The stock has a market cap of $56.71 billion, a P/E ratio of 26.71, a PEG ratio of 1.37 and a beta of 0.72. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last released 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). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. On average, equities research analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. 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 1.9%. Targa Resources's dividend payout ratio is presently 50.56%.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction 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 sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.37% of the company's stock.

Analyst Ratings Changes

TRGP has been the topic of several recent research reports. Scotiabank increased their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. TD Cowen increased their price target on shares of Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a research report on Monday, May 11th. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research note on Friday, May 8th. Finally, Mizuho boosted their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Fifteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Targa Resources has a consensus 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.

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.