Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Bessemer Group Inc.

Bessemer Group Inc. raised its position in Targa Resources Corp. (NYSE:TRGP) by 6.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,971 shares of the pipeline company’s stock after purchasing an additional 112 shares during the period. Bessemer Group Inc.’s holdings in Targa Resources were worth $353,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Norges Bank acquired a new position in Targa Resources during the fourth quarter worth about $505,132,000. GQG Partners LLC purchased a new stake in shares of Targa Resources in the fourth quarter valued at approximately $393,335,000. Raymond James Financial Inc. purchased a new stake in shares of Targa Resources in the fourth quarter valued at approximately $150,372,000. TD Asset Management Inc. increased its holdings in shares of Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after purchasing an additional 825,267 shares during the last quarter. Finally, Amundi lifted its position in Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after buying an additional 318,261 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 2.0 %

Shares of Targa Resources stock opened at $167.96 on Wednesday. The company’s fifty day moving average is $190.61 and its two-hundred day moving average is $187.10. 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 quick ratio of 0.61 and a current ratio of 0.77. The company has a market capitalization of $36.55 billion, a P/E ratio of 29.26, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (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 analyst estimates of $4.48 billion. Analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.29%. Targa Resources’s dividend payout ratio is presently 69.69%.

Insider Activity at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of the firm’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 completion of the sale, the insider now directly 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 Securities & Exchange Commission, which is available 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 stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 in the last three months. Insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TRGP. Citigroup raised their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Morgan Stanley lifted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Mizuho increased their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Wells Fargo & Company lifted their price target 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. Finally, US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $210.64.

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.