480 Shares in Targa Resources Corp. (NYSE:TRGP) Purchased by EdgeRock Capital LLC

EdgeRock Capital LLC acquired a new position in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 480 shares of the pipeline company’s stock, valued at approximately $42,000.

Other institutional investors have also added to or reduced their stakes in the company. Addison Advisors LLC purchased a new stake in shares of Targa Resources during the fourth quarter valued at $27,000. VisionPoint Advisory Group LLC lifted its holdings in Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares in the last quarter. Rational Advisors LLC purchased a new stake in Targa Resources in the 3rd quarter valued at about $43,000. Huntington National Bank grew its stake in Targa Resources by 124.4% in the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 296 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd increased its position in shares of Targa Resources by 36.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock worth $48,000 after acquiring an additional 150 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the sale, the director now owns 38,440 shares in the company, valued at $3,754,434.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock valued at $7,987,215 in the last three months. 1.39% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. UBS Group reduced their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Barclays raised their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Royal Bank of Canada raised their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. Finally, Citigroup boosted their price target on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus target price of $119.92.

Targa Resources Stock Down 0.3 %

Shares of NYSE TRGP traded down $0.38 during trading hours on Wednesday, hitting $112.45. 1,119,438 shares of the stock were exchanged, compared to its average volume of 1,719,833. The company has a market cap of $24.93 billion, a PE ratio of 23.14 and a beta of 2.19. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. The firm has a fifty day moving average price of $110.94 and a 200-day moving average price of $95.46.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. On average, sell-side analysts expect that Targa Resources Corp. will post 5.72 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.67%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is 61.73%.

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.