Nemes Rush Group LLC Makes New $12.23 Million Investment in Targa Resources Corp. (NYSE:TRGP)

Nemes Rush Group LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 68,514 shares of the pipeline company’s stock, valued at approximately $12,230,000. Targa Resources comprises approximately 1.5% of Nemes Rush Group LLC’s investment portfolio, making the stock its 20th largest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Atala Financial Inc bought a new position in Targa Resources during the 4th quarter valued at about $31,000. Rakuten Securities Inc. boosted its position in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after buying an additional 146 shares during the period. Aspect Partners LLC grew its stake in shares of Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after buying an additional 130 shares during the last quarter. Rosenberg Matthew Hamilton raised its holdings in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Targa Resources during the 4th quarter worth approximately $49,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on TRGP. Mizuho upped their price objective on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Barclays raised their price target on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Royal Bank of Canada upped their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Finally, Scotiabank decreased their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus target price of $211.00.

Targa Resources Trading Up 1.4 %

Targa Resources stock opened at $200.50 on Tuesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market cap of $43.73 billion, a PE ratio of 34.93, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The stock has a 50-day moving average of $199.00 and a two-hundred day moving average of $185.71. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 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 during the quarter, compared to analysts’ expectations of $4.48 billion. On average, research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Insider Buying and Selling

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $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 can be accessed through this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred 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 owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. 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.