Cary Street Partners Financial LLC Buys New Stake in Targa Resources Corp. (NYSE:TRGP)

Cary Street Partners Financial LLC bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 176 shares of the pipeline company’s stock, valued at approximately $31,000.

Several other institutional investors and hedge funds also recently modified their holdings of TRGP. Norges Bank acquired a new stake in Targa Resources in the fourth quarter worth about $505,132,000. GQG Partners LLC acquired a new stake in shares of Targa Resources in the 4th quarter worth approximately $393,335,000. Canada Pension Plan Investment Board boosted its holdings in shares of Targa Resources by 981.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after acquiring an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Targa Resources during the fourth quarter valued at approximately $150,372,000. Finally, TD Asset Management Inc. raised its holdings in Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after purchasing an additional 825,267 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources 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 completion of the sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last 90 days. 1.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TRGP shares. Royal Bank of Canada lowered their price target on Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a research report on Thursday. Wells Fargo & Company lifted their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Scotiabank cut their price target on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a report on Tuesday, April 29th. Mizuho lowered their price objective on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Finally, US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $202.93.

Targa Resources Price Performance

NYSE TRGP opened at $159.51 on Monday. 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 firm has a market capitalization of $34.60 billion, a price-to-earnings ratio of 27.79, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The company has a 50 day simple moving average of $178.73 and a 200-day simple moving average of $188.27. Targa Resources Corp. has a 52-week low of $112.27 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last released 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). The company 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%. Equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

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.