Pinebridge Investments L.P. Buys New Position in Targa Resources Corp. (NYSE:TRGP)

Pinebridge Investments L.P. bought a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 24,714 shares of the pipeline company's stock, valued at approximately $4,411,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Barclays PLC boosted its holdings in Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock worth $153,124,000 after buying an additional 168,602 shares during the period. Virtu Financial LLC increased its position in shares of Targa Resources by 39.4% during the third quarter. Virtu Financial LLC now owns 8,447 shares of the pipeline company's stock valued at $1,250,000 after buying an additional 2,388 shares during the period. Fulcrum Equity Management grew its stake in Targa Resources by 7.1% during the third quarter. Fulcrum Equity Management now owns 3,135 shares of the pipeline company's stock valued at $464,000 after acquiring an additional 208 shares in the last quarter. Sfmg LLC increased its holdings in Targa Resources by 3.3% during the 3rd quarter. Sfmg LLC now owns 3,131 shares of the pipeline company's stock worth $463,000 after acquiring an additional 100 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Targa Resources in the 3rd quarter worth approximately $145,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. Barclays decreased their price target on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Wells Fargo & Company lifted their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Citigroup upped their price objective 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. Finally, Mizuho dropped their target price on shares of Targa Resources from $226.00 to $218.00 and set an "outperform" rating for the company in a research report on Monday. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $209.29.

Targa Resources Trading Down 5.0 %

TRGP stock traded down $8.81 on Wednesday, reaching $168.30. The company's stock had a trading volume of 1,971,803 shares, compared to its average volume of 1,735,042. The firm has a market cap of $36.62 billion, a PE ratio of 29.32, a PEG ratio of 0.61 and a beta of 1.75. The business has a fifty day simple moving average of $184.43 and a two-hundred day simple moving average of $188.27. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. 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 (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. As a group, research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

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 of this dividend is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is presently 69.69%.

Insiders Place Their Bets

In related news, Director Waters S. Iv Davis sold 2,190 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were 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 of the company's stock, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.34% of the company's stock.

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.