DnB Asset Management AS Has $7.33 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

DnB Asset Management AS lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 0.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 41,052 shares of the pipeline company’s stock after acquiring an additional 174 shares during the period. DnB Asset Management AS’s holdings in Targa Resources were worth $7,328,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. MML Investors Services LLC grew its stake in shares of Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after buying an additional 10,100 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after acquiring an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC grew its position in Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after acquiring an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. acquired a new position in Targa Resources in the 4th quarter worth about $271,000. Finally, Segment Wealth Management LLC raised its position in Targa Resources by 2,753.4% in the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock valued at $9,876,000 after purchasing an additional 53,389 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 0.7 %

Shares of Targa Resources stock opened at $197.69 on Monday. The stock’s 50-day moving average is $199.31 and its 200 day moving average is $185.33. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. The firm has a market cap of $43.12 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion for 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%. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

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

Insider Activity

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TRGP. Mizuho upped their price objective on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Scotiabank reduced their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Royal Bank of Canada raised their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Barclays boosted their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Finally, Citigroup raised their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources 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.