Targa Resources, Inc. $TRGP Position Increased by Legacy Financial Advisors Inc.

Legacy Financial Advisors Inc. lifted its stake in Targa Resources, Inc. (NYSE:TRGP) by 61.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,440 shares of the pipeline company’s stock after purchasing an additional 2,460 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Targa Resources were worth $1,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in TRGP. Wellington Management Group LLP lifted its position in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after purchasing an additional 1,620,253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Targa Resources in the third quarter worth approximately $121,426,000. Vanguard Group Inc. lifted its position in shares of Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Merewether Investment Management LP lifted its position in shares of Targa Resources by 52.9% in the second quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company’s stock worth $172,789,000 after purchasing an additional 343,319 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its position in shares of Targa Resources by 107.1% in the third quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company’s stock worth $98,628,000 after purchasing an additional 304,426 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 24,589 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the transaction, the insider owned 197,401 shares in the company, valued at $47,640,757.34. This trade represents a 11.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total value of $311,618.70. Following the transaction, the director owned 77,094 shares in the company, valued at approximately $17,677,654.20. This trade represents a 1.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 104,929 shares of company stock valued at $24,692,134 in the last ninety days. 1.37% of the stock is currently owned by insiders.

Targa Resources Trading Up 0.8%

NYSE:TRGP opened at $255.26 on Wednesday. The stock’s 50 day moving average price is $243.27 and its 200 day moving average price is $206.36. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $261.95. The company has a market capitalization of $54.79 billion, a P/E ratio of 25.81, a P/E/G ratio of 1.64 and a beta of 0.75. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. On average, research analysts forecast that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be issued a $1.25 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, April 30th. Targa Resources’s dividend payout ratio is currently 50.56%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. BMO Capital Markets reissued an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research report on Friday. Mizuho increased their price target on shares of Targa Resources from $207.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, March 19th. Wells Fargo & Company increased their price target on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Morgan Stanley increased their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research report on Tuesday. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and an average price target of $265.86.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.