Commonwealth Equity Services LLC Has $5 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Commonwealth Equity Services LLC boosted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 30.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,024 shares of the pipeline company’s stock after buying an additional 6,589 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Targa Resources were worth $5,002,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TRGP. Raymond James Financial Inc. acquired a new position in Targa Resources during the 4th quarter worth $150,372,000. Wellington Management Group LLP lifted its holdings in 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 buying an additional 633,589 shares in the last quarter. Amundi lifted its holdings in Targa Resources by 20.9% during the 4th 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. National Bank of Canada FI lifted its holdings in Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after buying an additional 259,776 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in Targa Resources by 40.0% during the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after buying an additional 254,286 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets

In other 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 transaction of $6,905,500.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated 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 approximately $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Barclays upped their target price on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research report on Friday. The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Morgan Stanley upped their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Wells Fargo & Company upped their target price 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 cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $211.00.

Targa Resources Price Performance

TRGP stock opened at $197.25 on Friday. The stock has a 50-day moving average price of $199.77 and a two-hundred day moving average price of $183.11. The stock has a market cap of $43.02 billion, a PE ratio of 34.36, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51.

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

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis 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 presently 52.26%.

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.