AlphaCentric Advisors LLC Takes $102,000 Position in Targa Resources Corp. (NYSE:TRGP)

AlphaCentric Advisors LLC acquired a new position in Targa Resources Corp. (NYSE:TRGP) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 794 shares of the pipeline company’s stock, valued at approximately $102,000.

Several other institutional investors also recently bought and sold shares of TRGP. International Assets Investment Management LLC lifted its holdings in Targa Resources by 15,867.4% in the 4th quarter. International Assets Investment Management LLC now owns 89,737 shares of the pipeline company’s stock worth $7,795,000 after purchasing an additional 89,175 shares during the last quarter. CWM LLC lifted its stake in shares of Targa Resources by 28.7% in the fourth quarter. CWM LLC now owns 4,023 shares of the pipeline company’s stock worth $349,000 after buying an additional 897 shares during the last quarter. GAMMA Investing LLC acquired a new position in Targa Resources in the 4th quarter valued at $137,000. Stevens Capital Management LP bought a new position in Targa Resources in the 4th quarter worth $300,000. Finally, Bahl & Gaynor Inc. lifted its position in Targa Resources by 106.1% during the 4th quarter. Bahl & Gaynor Inc. now owns 312,937 shares of the pipeline company’s stock worth $27,185,000 after acquiring an additional 161,097 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TRGP shares. Scotiabank lifted their price objective on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. UBS Group lifted their price target on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Morgan Stanley increased their price objective on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $132.00 to $147.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Barclays increased their price target on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.54.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now owns 38,403 shares in the company, valued at approximately $5,165,203.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at $5,165,203.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul W. Chung sold 916 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the sale, the director now directly owns 238,591 shares in the company, valued at $32,531,882.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,034 shares of company stock valued at $5,623,890. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP stock traded up $1.34 during trading hours on Monday, hitting $145.47. The company had a trading volume of 1,416,463 shares, compared to its average volume of 1,623,650. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $146.21. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The firm’s fifty day moving average is $133.71 and its 200 day moving average is $118.25. The firm has a market capitalization of $31.87 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 1.14 and a beta of 2.27.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period in the prior year, the company posted $1.44 earnings per share. On average, sell-side analysts predict that Targa Resources Corp. will post 5.81 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.06%. 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.