Quantinno Capital Management LP Grows Position in Targa Resources Corp. (NYSE:TRGP)

Quantinno Capital Management LP increased its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 45.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,771 shares of the pipeline company's stock after purchasing an additional 15,222 shares during the quarter. Quantinno Capital Management LP's holdings in Targa Resources were worth $8,706,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Targa Resources during the 4th quarter worth $505,132,000. GQG Partners LLC acquired a new position in Targa Resources during the 4th quarter worth about $393,335,000. Canada Pension Plan Investment Board lifted its stake in Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock worth $204,223,000 after acquiring an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Targa Resources during the 4th quarter worth about $150,372,000. Finally, TD Asset Management Inc. lifted its stake in Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after acquiring an additional 825,267 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of TRGP traded down $1.10 during mid-day trading on Monday, hitting $164.59. The company's stock had a trading volume of 1,202,737 shares, compared to its average volume of 1,787,062. 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 $177.28 and a 200 day simple moving average of $188.33. The firm has a market capitalization of $35.70 billion, a P/E ratio of 28.67, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 1-year low of $113.65 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted 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). The business had revenue of $4.56 billion during 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 Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TRGP. Mizuho decreased their target price on Targa Resources from $226.00 to $218.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Royal Bank of Canada dropped their price objective on Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. UBS Group dropped their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday. Morgan Stanley raised their price target on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Finally, Citigroup dropped their price target on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average target price of $201.64.

Insider Buying and Selling

In related news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction 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 completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is owned by insiders.

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.