Prudential PLC Increases Stock Position in Targa Resources Corp. (NYSE:TRGP)

Prudential PLC increased its position in Targa Resources Corp. (NYSE:TRGP) by 0.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,423 shares of the pipeline company’s stock after acquiring an additional 301 shares during the period. Prudential PLC’s holdings in Targa Resources were worth $3,164,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in TRGP. Addison Advisors LLC purchased a new position in Targa Resources in the 4th quarter worth approximately $27,000. VisionPoint Advisory Group LLC raised its stake in Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the last quarter. EdgeRock Capital LLC purchased a new stake in Targa Resources during the 4th quarter valued at $42,000. Rational Advisors LLC purchased a new stake in Targa Resources during the 3rd quarter valued at $43,000. Finally, Delos Wealth Advisors LLC purchased a new stake in Targa Resources during the 4th quarter valued at $43,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.0 %

Shares of NYSE TRGP opened at $118.01 on Friday. The firm’s 50-day moving average price is $114.99 and its 200-day moving average price is $100.11. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The stock has a market capitalization of $26.17 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 0.69 and a beta of 2.21. Targa Resources Corp. has a 12-month low of $69.44 and a 12-month high of $119.68.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The business had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. On average, equities research analysts anticipate that Targa Resources Corp. will post 5.33 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date was Monday, April 29th. Targa Resources’s dividend payout ratio is 61.73%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TRGP. Scotiabank boosted their target price on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. Royal Bank of Canada upped their target price on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Citigroup upped their target price on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. The Goldman Sachs Group upped their target price on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and an average price target of $122.75.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the sale, the insider now directly owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Targa Resources news, Director Charles R. Crisp sold 7,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the transaction, the director now directly owns 95,471 shares in the company, valued at approximately $10,744,306.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the transaction, the insider now owns 136,098 shares in the company, valued at $15,396,766.74. The disclosure for this sale can be found here. Insiders have sold 32,691 shares of company stock valued at $3,693,763 in the last ninety days. 1.39% of the stock is owned by company insiders.

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.