Fifth Third Wealth Advisors LLC Increases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Fifth Third Wealth Advisors LLC increased its position in Targa Resources Corp. (NYSE:TRGP) by 14.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,547 shares of the pipeline company’s stock after acquiring an additional 461 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Targa Resources were worth $633,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TRGP. MML Investors Services LLC increased its stake in Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after acquiring an additional 10,100 shares during the last quarter. Caxton Associates LP bought a new position in shares of Targa Resources in the second quarter worth approximately $2,323,000. Nordea Investment Management AB increased its position in shares of Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after purchasing an additional 13,167 shares during the last quarter. Braun Stacey Associates Inc. purchased a new stake in Targa Resources in the third quarter valued at approximately $11,042,000. Finally, Metis Global Partners LLC grew its stake in Targa Resources by 12.7% in the 3rd quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock worth $3,784,000 after buying an additional 2,890 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $212.51 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $46.34 billion, a price-to-earnings ratio of 38.43, a price-to-earnings-growth ratio of 0.59 and a beta of 2.30. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $212.98. The company has a 50-day moving average price of $191.09 and a 200-day moving average price of $162.91.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the business posted $0.97 EPS. As a group, equities analysts anticipate that Targa Resources Corp. will post 6.4 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.41%. Targa Resources’s payout ratio is currently 54.25%.

Analyst Ratings Changes

Several research firms have recently weighed in on TRGP. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. The Goldman Sachs Group raised their price target on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Stifel Nicolaus upped their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Scotiabank started coverage on Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price objective on the stock. Finally, Barclays upped their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and an average target price of $189.21.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.44% of the company’s stock.

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.