Voleon Capital Management LP Purchases New Position in Targa Resources Corp. (NYSE:TRGP)

Voleon Capital Management LP acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 44,253 shares of the pipeline company's stock, valued at approximately $7,899,000.

Other large investors have also bought and sold shares of the company. Atala Financial Inc purchased a new position in Targa Resources in the 4th quarter worth about $31,000. Rakuten Securities Inc. raised its holdings 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 purchasing an additional 146 shares during the last quarter. Mizuho Bank Ltd. bought a new position in Targa Resources during the fourth quarter valued at approximately $36,000. Aspect Partners LLC boosted its holdings in Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock worth $39,000 after purchasing an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton grew its position in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock worth $48,000 after purchasing an additional 89 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm'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 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 trade represents a 6.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction 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 transaction, the director now owns 2,899 shares of the company's stock, valued at approximately $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 quarter, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on TRGP shares. Scotiabank lowered their price target on Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating on the stock in a report on Tuesday, April 29th. Citigroup raised their target price on Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. The Goldman Sachs Group cut their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday. Barclays lowered their price objective on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. 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 research report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $207.21.

Targa Resources Price Performance

Shares of TRGP stock traded down $3.19 during mid-day trading on Monday, hitting $158.68. The company had a trading volume of 1,401,468 shares, compared to its average volume of 1,745,497. 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's 50 day moving average price is $182.45 and its 200-day moving average price is $188.48. Targa Resources Corp. has a 52-week low of $112.05 and a 52-week high of $218.51. The company has a market capitalization of $34.53 billion, a P/E ratio of 27.67, a P/E/G ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared 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 is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio is presently 69.69%.

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.