Targa Resources Corp. (NYSE:TRGP) is Edgestream Partners L.P.’s 9th Largest Position

Edgestream Partners L.P. increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 14.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,865 shares of the pipeline company’s stock after purchasing an additional 7,491 shares during the period. Targa Resources makes up approximately 0.4% of Edgestream Partners L.P.’s portfolio, making the stock its 9th largest position. Edgestream Partners L.P.’s holdings in Targa Resources were worth $10,329,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Aspect Partners LLC raised its holdings in Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 130 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in Targa Resources during the third quarter worth about $35,000. Rosenberg Matthew Hamilton grew its position in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the period. Stonebridge Financial Group LLC acquired a new position in Targa Resources during the fourth quarter worth about $49,000. Finally, Assetmark Inc. grew its position in Targa Resources by 1,812.5% during the fourth quarter. Assetmark Inc. now owns 306 shares of the pipeline company’s stock worth $55,000 after buying an additional 290 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’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 sale, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last ninety days. Insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TRGP shares. The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Citigroup upped their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Wells Fargo & Company upped 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. Finally, Barclays upped their target price on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One 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 stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $206.43.

Targa Resources Price Performance

TRGP opened at $181.78 on Friday. The company has a 50-day moving average of $198.68 and a 200-day moving average of $179.43. The company has a market capitalization of $39.65 billion, a P/E ratio of 31.67, a PEG ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a 1-year low of $103.18 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share 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 net margin of 7.81% and a return on equity of 28.67%. Equities analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 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.