SVB Wealth LLC Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

SVB Wealth LLC purchased a new stake in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,696 shares of the pipeline company’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Fusion Capital LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $238,000. QRG Capital Management Inc. raised its position in Targa Resources by 5.3% during the fourth quarter. QRG Capital Management Inc. now owns 8,512 shares of the pipeline company’s stock valued at $1,519,000 after purchasing an additional 426 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Targa Resources during the fourth quarter valued at approximately $41,222,000. Oppenheimer Asset Management Inc. raised its position in Targa Resources by 5.8% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 10,023 shares of the pipeline company’s stock valued at $1,789,000 after purchasing an additional 552 shares in the last quarter. Finally, NewEdge Wealth LLC raised its position in Targa Resources by 6.5% during the fourth quarter. NewEdge Wealth LLC now owns 9,611 shares of the pipeline company’s stock valued at $1,716,000 after purchasing an additional 583 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on TRGP. UBS Group boosted their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday. Mizuho boosted their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Citigroup boosted their target price 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. One 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, the stock presently has an average rating of “Buy” and a consensus target price of $207.00.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $186.67 on Thursday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $103.04 and a twelve month high of $218.51. The stock has a market cap of $40.71 billion, a price-to-earnings ratio of 32.52, a P/E/G ratio of 0.61 and a beta of 2.29. The company’s fifty day moving average is $198.60 and its 200 day moving average is $179.41.

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

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.61%. Targa Resources’s dividend payout ratio is 52.26%.

Targa Resources Company 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.