Targa Resources Corp. (NYSE:TRGP) Shares Bought by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 17.5% during the fourth quarter, HoldingsChannel reports. The firm owned 1,796 shares of the pipeline company’s stock after purchasing an additional 268 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Targa Resources were worth $321,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in Targa Resources during the fourth quarter worth about $150,372,000. Wellington Management Group LLP lifted its holdings in shares of Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares during the period. Amundi boosted its position in shares of Targa Resources by 20.9% in the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after acquiring an additional 318,261 shares during the last quarter. National Bank of Canada FI grew its holdings in Targa Resources by 75.4% in the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after purchasing an additional 259,776 shares during the period. Finally, Allianz Asset Management GmbH increased its position in Targa Resources by 40.0% during the fourth quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after purchasing an additional 254,286 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $190.13 on Friday. 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 fifty-two week low of $106.04 and a fifty-two week high of $218.51. The business has a 50 day moving average price of $199.06 and a two-hundred day moving average price of $181.34. The firm has a market cap of $41.47 billion, a PE ratio of 33.12, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32.

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

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.58%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on TRGP shares. 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 note on Wednesday, November 20th. Barclays boosted their price target on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. The Goldman Sachs Group lifted their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada increased their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Finally, Scotiabank reduced their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $206.43.

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.