Bridgefront Capital LLC Has $2.03 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Bridgefront Capital LLC boosted its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 182.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 11,397 shares of the pipeline company's stock after acquiring an additional 7,369 shares during the period. Targa Resources accounts for approximately 0.7% of Bridgefront Capital LLC's portfolio, making the stock its 8th largest holding. Bridgefront Capital LLC's holdings in Targa Resources were worth $2,034,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Atala Financial Inc purchased a new stake in shares of Targa Resources during the 4th quarter valued at approximately $31,000. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth $31,000. Rakuten Securities Inc. boosted its holdings in shares of Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after acquiring an additional 146 shares during the period. Mizuho Bank Ltd. purchased a new position in shares of Targa Resources in the fourth quarter valued at $36,000. Finally, Aspect Partners LLC raised its stake 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 valued at $39,000 after purchasing an additional 130 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of TRGP stock traded down $0.54 during trading hours on Friday, hitting $159.51. 1,653,488 shares of the company's stock were exchanged, compared to its average volume of 1,771,652. Targa Resources Corp. has a 12-month low of $112.27 and a 12-month high of $218.51. The company has a market capitalization of $34.71 billion, a PE ratio of 27.79, a PEG ratio of 0.61 and a beta of 1.22. The business's 50 day simple moving average is $178.73 and its 200-day simple moving average is $187.98. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

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 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 business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. On average, equities research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a $1.00 dividend. The ex-dividend date is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

Insider Buying and Selling at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the business'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 transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares of the company's stock, valued at approximately $141,555,510.24. The trade was a 6.31 % 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, Director Waters S. Iv Davis sold 2,190 shares of the firm'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 sale, the director now directly owns 2,899 shares of the company's stock, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Scotiabank reduced their target price on Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating for the company in a report on Tuesday, April 29th. Barclays decreased their target price 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. Morgan Stanley raised their price target 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. Royal Bank of Canada decreased their price target on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a report on Thursday. Finally, Citigroup dropped their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $202.93.

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.