Targa Resources Corp. (NYSE:TRGP) Shares Bought by Merewether Investment Management LP

Merewether Investment Management LP grew its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 937,521 shares of the pipeline company's stock after acquiring an additional 81,928 shares during the period. Targa Resources comprises about 6.7% of Merewether Investment Management LP's portfolio, making the stock its largest holding. Merewether Investment Management LP owned 0.43% of Targa Resources worth $167,347,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Lazard Asset Management LLC lifted its holdings in shares of Targa Resources by 159.0% in the fourth quarter. Lazard Asset Management LLC now owns 69,974 shares of the pipeline company's stock valued at $12,490,000 after purchasing an additional 42,955 shares in the last quarter. LMR Partners LLP purchased a new stake in shares of Targa Resources in the fourth quarter valued at $1,029,000. LRI Investments LLC lifted its holdings in shares of Targa Resources by 172.1% in the fourth quarter. LRI Investments LLC now owns 400 shares of the pipeline company's stock valued at $71,000 after purchasing an additional 253 shares in the last quarter. Investment Management Corp of Ontario lifted its holdings in shares of Targa Resources by 132.3% in the fourth quarter. Investment Management Corp of Ontario now owns 16,139 shares of the pipeline company's stock valued at $2,881,000 after purchasing an additional 9,192 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Targa Resources in the fourth quarter valued at $16,814,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. UBS Group reduced their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday. Royal Bank of Canada reduced their target price on Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Mizuho dropped their price target on shares of Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Barclays dropped their price target on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Wells Fargo & Company upped their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Targa Resources currently has an average rating of "Buy" and an average target price of $201.64.

Targa Resources Stock Down 0.6%

Targa Resources stock traded down $0.99 during mid-day trading on Friday, hitting $165.46. 2,084,603 shares of the company's stock were exchanged, compared to its average volume of 1,789,409. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $35.89 billion, a P/E ratio of 28.83, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 1-year low of $113.65 and a 1-year high of $218.51. The stock has a 50 day moving average of $177.28 and a two-hundred day moving average of $188.18.

Targa Resources (NYSE:TRGP - Get Free Report) last posted 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). The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, analysts anticipate 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. 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 was Wednesday, April 30th. Targa Resources's dividend payout ratio is currently 73.66%.

Insider Activity

In related news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction dated 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 sale, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. The trade was a 11.62% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is owned by insiders.

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.