761 Shares in Targa Resources Corp. (NYSE:TRGP) Purchased by Millstone Evans Group LLC

Millstone Evans Group LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, HoldingsChannel reports. The firm bought 761 shares of the pipeline company’s stock, valued at approximately $136,000.

A number of other institutional investors have also added to or reduced their stakes in TRGP. Raymond James Financial Inc. acquired a new stake in Targa Resources during the fourth quarter worth about $150,372,000. Wellington Management Group LLP grew its position in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after buying an additional 633,589 shares in the last quarter. Amundi grew its position in Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after buying an additional 318,261 shares in the last quarter. National Bank of Canada FI lifted its stake in Targa Resources by 75.4% during the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after purchasing an additional 259,776 shares during the period. Finally, Allianz Asset Management GmbH lifted its stake in Targa Resources by 40.0% during the fourth quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after purchasing an additional 254,286 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of TRGP stock opened at $197.25 on Friday. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The firm has a market capitalization of $43.02 billion, a price-to-earnings ratio of 34.36, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. 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 firm has a fifty day moving average of $199.77 and a 200-day moving average of $183.11.

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

Targa Resources Dividend Announcement

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

Insider Activity

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 value of $5,750,856.54. Following the completion of the transaction, 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 sale 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 on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 in the last quarter. Company insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on TRGP shares. Citigroup raised their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada raised their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Scotiabank cut their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Finally, Barclays lifted their target price on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $211.00.

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.