Fisher Asset Management LLC Makes New $318,000 Investment in Targa Resources Corp. (NYSE:TRGP)

Fisher Asset Management LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,150 shares of the pipeline company’s stock, valued at approximately $318,000.

Several other hedge funds have also recently modified their holdings of the stock. Tidal Investments LLC lifted its stake in Targa Resources by 8.0% in the 1st quarter. Tidal Investments LLC now owns 10,117 shares of the pipeline company’s stock worth $1,133,000 after purchasing an additional 751 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Targa Resources by 215.2% in the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after buying an additional 21,200 shares in the last quarter. Cetera Advisors LLC boosted its stake in Targa Resources by 166.9% during the first quarter. Cetera Advisors LLC now owns 6,453 shares of the pipeline company’s stock valued at $723,000 after buying an additional 4,035 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Targa Resources by 21.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 62,744 shares of the pipeline company’s stock valued at $6,927,000 after buying an additional 11,098 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Targa Resources by 15.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 977 shares of the pipeline company’s stock worth $111,000 after acquiring an additional 128 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

TRGP stock opened at $204.30 on Monday. The firm has a market cap of $44.55 billion, a price-to-earnings ratio of 36.94, a PEG ratio of 0.80 and a beta of 2.24. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. 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 business’s fifty day simple moving average is $174.40 and its two-hundred day simple moving average is $147.48.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the firm earned $0.97 earnings per share. Analysts predict that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of recent research reports. Stifel Nicolaus raised their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. UBS Group lifted their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Wells Fargo & Company lifted their price target on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group upped their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $176.50.

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.