Xponance Inc. Acquires 17,796 Shares of Targa Resources Corp. (NYSE:TRGP)

Xponance Inc. raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 37.0% in the 4th quarter, Holdings Channel reports. The firm owned 65,912 shares of the pipeline company’s stock after purchasing an additional 17,796 shares during the quarter. Xponance Inc.’s holdings in Targa Resources were worth $11,765,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Coldstream Capital Management Inc. raised its holdings in shares of Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 66 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Targa Resources by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after acquiring an additional 67 shares in the last quarter. Mather Group LLC. raised its holdings in shares of Targa Resources by 2.3% in the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock valued at $540,000 after acquiring an additional 68 shares in the last quarter. Keybank National Association OH raised its holdings in shares of Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after acquiring an additional 70 shares in the last quarter. Finally, Catalina Capital Group LLC raised its holdings in shares of Targa Resources by 3.9% in the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock valued at $400,000 after acquiring an additional 85 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TRGP shares. Morgan Stanley lifted their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday. Barclays lifted their price objective on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Royal Bank of Canada increased their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Finally, Citigroup increased their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $210.50.

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by company insiders.

Targa Resources Stock Performance

TRGP opened at $194.05 on Wednesday. Targa Resources Corp. has a 52-week low of $107.31 and a 52-week high of $218.51. 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 company has a market cap of $42.32 billion, a P/E ratio of 33.81, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The firm’s 50-day moving average price is $199.40 and its 200-day moving average price is $182.29.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data 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 company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. As a group, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.55%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

About Targa Resources

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.