Woodline Partners LP purchased a new stake in Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 13,096 shares of the pipeline company's stock, valued at approximately $2,338,000.
A number of other hedge funds also recently made changes to their positions in TRGP. Norges Bank acquired a new position in Targa Resources during the fourth quarter valued at approximately $505,132,000. GQG Partners LLC purchased a new stake in Targa Resources during the 4th quarter worth $393,335,000. Canada Pension Plan Investment Board increased its holdings in Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Targa Resources in the fourth quarter valued at about $150,372,000. Finally, TD Asset Management Inc. boosted its position in shares of Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after buying an additional 825,267 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.
Analyst Ratings Changes
Several analysts have recently weighed in on the company. Royal Bank of Canada lowered their target price on Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company upped their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Barclays lowered their target price on Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 20th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Mizuho set a $212.00 price target on Targa Resources and gave the company an "outperform" rating in a report on Tuesday, May 20th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $198.79.
Get Our Latest Stock Report on TRGP
Targa Resources Trading Down 0.6%
Shares of Targa Resources stock traded down $1.02 during trading on Thursday, hitting $158.32. The stock had a trading volume of 1,203,977 shares, compared to its average volume of 1,798,198. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $34.34 billion, a PE ratio of 27.52, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 1 year low of $114.36 and a 1 year high of $218.51. The stock has a 50 day simple moving average of $172.11 and a 200 day simple moving average of $187.17.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.
Targa Resources Dividend Announcement
The business also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were given a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, April 30th. Targa Resources's dividend payout ratio (DPR) is 73.66%.
About Targa Resources
(
Free Report)
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.
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