Mirae Asset Global Investments Co. Ltd. Cuts Stock Position in Targa Resources Corp. (NYSE:TRGP)

Mirae Asset Global Investments Co. Ltd. lessened its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 532,903 shares of the pipeline company's stock after selling 15,900 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.24% of Targa Resources worth $46,293,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Signaturefd LLC lifted its position in shares of Targa Resources by 4.7% in the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company's stock valued at $464,000 after buying an additional 244 shares during the last quarter. Morgan Stanley boosted its position in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company's stock worth $325,003,000 after purchasing an additional 524,794 shares during the period. Quadrature Capital Ltd increased its holdings in shares of Targa Resources by 364.0% in the third quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company's stock valued at $7,615,000 after purchasing an additional 69,690 shares during the last quarter. Spirit of America Management Corp NY increased its holdings in shares of Targa Resources by 21.6% in the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company's stock valued at $4,995,000 after purchasing an additional 10,200 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Targa Resources by 32.8% in the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company's stock valued at $1,543,000 after purchasing an additional 4,447 shares during the period. 92.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada lifted their target price on shares of Targa Resources from $106.00 to $109.00 and gave the stock an "outperform" rating in a report on Monday, February 26th. Citigroup upped their target price on Targa Resources from $104.00 to $112.00 and gave the company a "buy" rating in a research report on Wednesday, February 21st. UBS Group dropped their price target on Targa Resources from $109.00 to $108.00 and set a "buy" rating for the company in a report on Thursday, January 18th. JPMorgan Chase & Co. upped their price objective on Targa Resources from $122.00 to $125.00 and gave the company an "overweight" rating in a report on Wednesday, March 6th. Finally, Mizuho lifted their target price on Targa Resources from $105.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $115.10.

Targa Resources Price Performance

Shares of TRGP traded up $1.61 during trading hours on Friday, hitting $115.97. 1,077,499 shares of the company were exchanged, compared to its average volume of 1,413,469. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $116.70. The company has a market cap of $25.81 billion, a price-to-earnings ratio of 31.60 and a beta of 2.21. The firm's fifty day moving average is $100.33 and its 200 day moving average is $90.72.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. On average, equities analysts anticipate that Targa Resources Corp. will post 5.75 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Wednesday, January 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $2.00 annualized dividend and a dividend yield of 1.72%. Targa Resources's dividend payout ratio is 54.50%.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Julie H. Boushka sold 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at approximately $7,012,769.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now directly owns 156,098 shares in the company, valued at $15,141,506. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock valued at $7,987,215 over the last three months. 1.39% of the stock is owned by insiders.

About Targa Resources

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.