44,630 Shares in Targa Resources Corp. (NYSE:TRGP) Purchased by Cambridge Financial Group Inc.

Cambridge Financial Group Inc. purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 44,630 shares of the pipeline company’s stock, valued at approximately $7,966,000. Targa Resources makes up 3.3% of Cambridge Financial Group Inc.’s investment portfolio, making the stock its 14th largest holding.

Several other hedge funds have also added to or reduced their stakes in TRGP. Vanguard Group Inc. raised its stake in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after acquiring an additional 150,038 shares during the period. Wellington Management Group LLP lifted its stake 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 valued at $2,235,927,000 after buying an additional 633,589 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Targa Resources by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after buying an additional 97,583 shares during the period. Norges Bank purchased a new position in Targa Resources in the 4th quarter valued at approximately $505,132,000. Finally, GQG Partners LLC bought a new stake in Targa Resources during the 4th quarter valued at $393,335,000. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TRGP. Wells Fargo & Company lifted their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Mizuho lifted their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Scotiabank lowered 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 report on Thursday, March 6th. Barclays boosted their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Finally, Citigroup increased 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 research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $211.00.

Targa Resources Price Performance

TRGP opened at $197.69 on Friday. The firm has a market cap of $43.12 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock’s 50 day simple moving average is $199.31 and its 200 day simple moving average is $184.76.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results 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). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

Insider Activity

In related news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 $43,731,100.98. This trade represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company’s stock.

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.