Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Covenant Partners LLC

Covenant Partners LLC increased its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 100.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,000 shares of the pipeline company's stock after purchasing an additional 2,000 shares during the quarter. Covenant Partners LLC's holdings in Targa Resources were worth $714,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Atala Financial Inc purchased a new stake in Targa Resources in the 4th quarter valued at approximately $31,000. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources in the fourth quarter valued at $31,000. Rakuten Securities Inc. boosted its stake in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after acquiring an additional 146 shares during the last quarter. Mizuho Bank Ltd. purchased a new stake in Targa Resources during the 4th quarter worth about $36,000. Finally, Aspect Partners LLC raised its stake in Targa Resources by 144.4% in 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 last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent research reports. Citigroup lifted their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. The Goldman Sachs Group reduced their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Scotiabank decreased their price target on Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, April 29th. Finally, Royal Bank of Canada upped their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research note on Monday, March 3rd. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of "Buy" and an average price target of $207.21.

Insider Buying and Selling

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the company'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 transaction, the director now directly owns 2,899 shares of the company's stock, valued at $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 in the last quarter. Company insiders own 1.34% of the company's stock.

Targa Resources Trading Down 2.3 %

Shares of TRGP opened at $158.21 on Tuesday. Targa Resources Corp. has a 12 month low of $112.05 and a 12 month high of $218.51. The stock's 50-day moving average is $181.65 and its two-hundred day moving average is $188.45. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a market cap of $34.42 billion, a PE ratio of 27.56, a P/E/G ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS 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 for the quarter, compared to analyst estimates of $5.01 billion. Equities analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources's payout ratio is 73.66%.

Targa Resources 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.

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