Raiffeisen Bank International AG purchased a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 16,347 shares of the pipeline company's stock, valued at approximately $2,906,000.
Several other institutional investors also recently added to or reduced their stakes in TRGP. Atomi Financial Group Inc. bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $271,000. Segment Wealth Management LLC increased its position in Targa Resources by 2,753.4% in the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock worth $9,876,000 after buying an additional 53,389 shares during the last quarter. Affinity Wealth Management LLC raised its stake in shares of Targa Resources by 117.4% in the fourth quarter. Affinity Wealth Management LLC now owns 5,341 shares of the pipeline company's stock valued at $953,000 after buying an additional 2,884 shares during the period. Barclays PLC raised its stake in shares of Targa Resources by 19.5% in the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after buying an additional 168,602 shares during the period. Finally, Sustainable Insight Capital Management LLC purchased a new position in shares of Targa Resources during the 4th quarter valued at $339,000. Institutional investors own 92.13% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on TRGP. Wells Fargo & Company boosted their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Barclays reduced their target price on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating for the company in a research note on Tuesday. Royal Bank of Canada dropped their price target on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. The Goldman Sachs Group reduced their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, Morgan Stanley boosted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of "Buy" and a consensus price target of $198.79.
Check Out Our Latest Stock Report on Targa Resources
Targa Resources Price Performance
NYSE TRGP traded down $1.93 during trading on Wednesday, reaching $160.00. The company's stock had a trading volume of 945,536 shares, compared to its average volume of 1,789,286. The firm has a fifty day moving average of $176.42 and a 200 day moving average of $188.14. Targa Resources Corp. has a one year low of $113.65 and a one year high of $218.51. The stock has a market capitalization of $34.71 billion, a PE ratio of 27.87, a P/E/G ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.
Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.
Targa Resources Dividend Announcement
The business also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, April 30th. Targa Resources's payout ratio is 73.66%.
Insider Activity
In related news, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction that occurred 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 sale, the director now owns 2,899 shares in the company, valued at $568,957.74. The trade was a 43.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at approximately $141,555,510.24. This represents a 6.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is currently owned by corporate insiders.
About Targa Resources
(
Free Report)
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.
Further Reading
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