Signaturefd LLC Acquires 1,998 Shares of Targa Resources Corp. (NYSE:TRGP)

Signaturefd LLC grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 34.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,774 shares of the pipeline company’s stock after buying an additional 1,998 shares during the period. Signaturefd LLC’s holdings in Targa Resources were worth $871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Trexquant Investment LP purchased a new position in Targa Resources during the 3rd quarter valued at approximately $335,000. Advisors Asset Management Inc. grew its holdings in shares of Targa Resources by 63.0% in the third quarter. Advisors Asset Management Inc. now owns 6,801 shares of the pipeline company’s stock valued at $583,000 after purchasing an additional 2,629 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Targa Resources by 5.2% in the third quarter. The Manufacturers Life Insurance Company now owns 185,439 shares of the pipeline company’s stock worth $15,901,000 after purchasing an additional 9,139 shares during the last quarter. Morgan Stanley raised its stake in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares in the last quarter. Finally, Comerica Bank lifted its position in Targa Resources by 35,367.9% during the third quarter. Comerica Bank now owns 68,453 shares of the pipeline company’s stock valued at $5,868,000 after purchasing an additional 68,260 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. UBS Group boosted their target price on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. JPMorgan Chase & Co. upped their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Morgan Stanley lifted their target price on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Scotiabank increased their price target on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a report on Monday, April 15th. Finally, Royal Bank of Canada lifted their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.08.

Insiders Place Their Bets

In other news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Ershel C. Redd, Jr. sold 3,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the completion of the sale, the director now directly owns 28,223 shares in the company, valued at approximately $3,192,021.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the sale, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,691 shares of company stock worth $6,197,632. 1.39% of the stock is currently owned by company insiders.

Targa Resources Price Performance

Targa Resources stock opened at $133.62 on Friday. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The stock has a market cap of $29.63 billion, a price-to-earnings ratio of 27.49, a price-to-earnings-growth ratio of 0.78 and a beta of 2.27. The firm has a 50-day moving average of $121.15 and a two-hundred day moving average of $106.77. Targa Resources Corp. has a 1 year low of $77.06 and a 1 year high of $133.78.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). The firm had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. On average, research analysts forecast that Targa Resources Corp. will post 5.27 earnings per share for the current year.

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.