Worldquant Millennium Advisors LLC Purchases 64,490 Shares of Targa Resources Corp. (NYSE:TRGP)

Worldquant Millennium Advisors LLC boosted its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 32.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 264,448 shares of the pipeline company's stock after purchasing an additional 64,490 shares during the period. Worldquant Millennium Advisors LLC owned about 0.12% of Targa Resources worth $47,204,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after purchasing an additional 162 shares in the last quarter. Atala Financial Inc bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $31,000. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $31,000. Rakuten Securities Inc. grew its position in shares of Targa Resources by 394.6% during the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after acquiring an additional 146 shares during the period. Finally, Mizuho Bank Ltd. bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $36,000. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on TRGP shares. Wells Fargo & Company increased their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Morgan Stanley increased their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Barclays reduced their target price on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. UBS Group dropped their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Finally, Citigroup reduced their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $201.64.

Insider Activity at Targa Resources

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares of the company's stock, valued at $141,555,510.24. This trade represents a 6.31% 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, insider D. Scott Pryor sold 35,000 shares of the firm's stock in a transaction 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 completion of the sale, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.34% of the company's stock.

Targa Resources Price Performance

TRGP stock opened at $164.59 on Tuesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52 week low of $113.65 and a 52 week high of $218.51. The firm's fifty day moving average is $176.83 and its 200 day moving average is $188.32. The firm has a market cap of $35.70 billion, a P/E ratio of 28.67, a P/E/G ratio of 0.61 and a beta of 1.22.

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

Targa Resources Dividend Announcement

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

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.

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