Targa Resources Corp. (NYSE:TRGP) Stake Raised by Dorsey Wright & Associates

Dorsey Wright & Associates grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 2.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,047 shares of the pipeline company’s stock after buying an additional 1,075 shares during the period. Targa Resources accounts for 1.9% of Dorsey Wright & Associates’ investment portfolio, making the stock its 8th biggest position. Dorsey Wright & Associates’ holdings in Targa Resources were worth $8,041,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in TRGP. Coldstream Capital Management Inc. increased its stake in Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after purchasing an additional 66 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after acquiring an additional 67 shares during the last quarter. Mather Group LLC. increased its stake in shares of Targa Resources by 2.3% during the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock valued at $540,000 after acquiring an additional 68 shares during the last quarter. Keybank National Association OH lifted its holdings in shares of Targa Resources by 0.4% during the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after acquiring an additional 70 shares during the period. Finally, Catalina Capital Group LLC boosted its position in shares of Targa Resources by 3.9% in the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock worth $400,000 after acquiring an additional 85 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $197.69 on Friday. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. 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 company has a market capitalization of $43.12 billion, a price-to-earnings ratio of 34.44, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The firm’s fifty day moving average price is $199.31 and its 200 day moving average price is $185.04.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. On average, research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent analyst reports. Mizuho increased their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Scotiabank lowered their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Wells Fargo & Company raised their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Morgan Stanley boosted their target price on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Finally, Barclays raised their price target on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $211.00.

Targa Resources Company 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.