PDT Partners LLC Makes New $4.94 Million Investment in Targa Resources Corp. (NYSE:TRGP)

PDT Partners LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,700 shares of the pipeline company's stock, valued at approximately $4,944,000. Targa Resources accounts for about 0.4% of PDT Partners LLC's holdings, making the stock its 29th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in TRGP. Atala Financial Inc purchased a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. Rakuten Securities Inc. increased its stake in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after purchasing an additional 146 shares during the last quarter. Mizuho Bank Ltd. acquired a new stake in Targa Resources during the fourth quarter worth approximately $36,000. Aspect Partners LLC lifted its position in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock worth $39,000 after buying an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton boosted its holdings in shares of Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock valued at $48,000 after buying an additional 89 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the 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 sale, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company's stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TRGP shares. Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Wells Fargo & Company raised their price target on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Royal Bank of Canada boosted their price objective on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research note on Monday, March 3rd. Finally, Citigroup raised their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Targa Resources has an average rating of "Buy" and a consensus target price of $209.29.

Targa Resources Price Performance

Shares of TRGP traded down $0.61 during mid-day trading on Friday, hitting $161.73. The company's stock had a trading volume of 3,157,519 shares, compared to its average volume of 1,746,635. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. 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 firm has a 50-day simple moving average of $183.11 and a 200 day simple moving average of $188.12. The firm has a market capitalization of $35.19 billion, a P/E ratio of 28.18, a P/E/G ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The company 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%. Analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a $1.00 dividend. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio is presently 69.69%.

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.