Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. grew its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 13.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,031,518 shares of the pipeline company's stock after purchasing an additional 125,542 shares during the period. Targa Resources makes up 1.4% of Westwood Holdings Group Inc.'s portfolio, making the stock its 5th biggest position. Westwood Holdings Group Inc. owned about 0.47% of Targa Resources worth $184,126,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Atomi Financial Group Inc. acquired a new position in Targa Resources during the fourth quarter worth $271,000. Segment Wealth Management LLC increased its position in Targa Resources by 2,753.4% during the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock worth $9,876,000 after buying an additional 53,389 shares during the last quarter. Affinity Wealth Management LLC increased its position in Targa Resources by 117.4% during the fourth quarter. Affinity Wealth Management LLC now owns 5,341 shares of the pipeline company's stock worth $953,000 after buying an additional 2,884 shares during the last quarter. Barclays PLC increased its position in Targa Resources by 19.5% during the third 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 during the last quarter. Finally, Sustainable Insight Capital Management LLC acquired a new position in Targa Resources during the fourth quarter worth $339,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

TRGP traded up $1.36 during midday trading on Friday, reaching $160.45. 1,475,529 shares of the company's stock were exchanged, compared to its average volume of 1,798,477. The firm has a market capitalization of $34.81 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. 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 one year low of $113.65 and a one year high of $218.51. The business has a 50-day simple moving average of $174.40 and a two-hundred day simple moving average of $187.76.

Targa Resources (NYSE:TRGP - Get Free Report) last announced 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). The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

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

Insider Activity

In other news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company's stock, valued at $568,957.74. This trade represents a 43.03% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.34% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Morgan Stanley increased their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. UBS Group lowered their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. The Goldman Sachs Group cut their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Wells Fargo & Company upped their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $198.79.

Targa Resources 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.