30,271 Shares in Targa Resources Corp. (NYSE:TRGP) Acquired by Summit Global Investments

Summit Global Investments bought a new position in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 30,271 shares of the pipeline company’s stock, valued at approximately $5,403,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $25,035,000. Teacher Retirement System of Texas increased its position in shares of Targa Resources by 231.7% in the fourth quarter. Teacher Retirement System of Texas now owns 71,119 shares of the pipeline company’s stock worth $12,695,000 after acquiring an additional 49,680 shares in the last quarter. Royal London Asset Management Ltd. increased its position in shares of Targa Resources by 17.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 80,104 shares of the pipeline company’s stock worth $14,299,000 after acquiring an additional 11,738 shares in the last quarter. Vinva Investment Management Ltd increased its position in shares of Targa Resources by 10.6% in the fourth quarter. Vinva Investment Management Ltd now owns 10,354 shares of the pipeline company’s stock worth $1,841,000 after acquiring an additional 994 shares in the last quarter. Finally, Xponance Inc. increased its position in shares of Targa Resources by 37.0% in the fourth quarter. Xponance Inc. now owns 65,912 shares of the pipeline company’s stock worth $11,765,000 after acquiring an additional 17,796 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Royal Bank of Canada lifted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Wells Fargo & Company lifted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Morgan Stanley lifted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Barclays lifted their target price on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $211.00.

Insider Transactions at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by insiders.

Targa Resources Stock Performance

TRGP stock opened at $197.25 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $43.02 billion, a price-to-earnings ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The firm has a 50 day moving average of $199.77 and a two-hundred day moving average of $182.87.

Targa Resources (NYSE:TRGP) last posted its 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). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. 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 52.26%.

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.