Caprock Group LLC Raises Stake in Targa Resources Corp. (NYSE:TRGP)

Caprock Group LLC boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 8.3% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 17,827 shares of the pipeline company’s stock after buying an additional 1,366 shares during the period. Caprock Group LLC’s holdings in Targa Resources were worth $3,182,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. Cibc World Market Inc. lifted its stake in shares of Targa Resources by 11.4% during the fourth quarter. Cibc World Market Inc. now owns 195,335 shares of the pipeline company’s stock worth $34,867,000 after purchasing an additional 20,047 shares in the last quarter. Highland Capital Management LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $793,000. Robeco Institutional Asset Management B.V. lifted its position in Targa Resources by 8.5% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 312,308 shares of the pipeline company’s stock worth $55,747,000 after acquiring an additional 24,358 shares in the last quarter. R Squared Ltd purchased a new position in Targa Resources in the 4th quarter worth approximately $321,000. Finally, Williams & Novak LLC grew its position in Targa Resources by 10.0% in the fourth quarter. Williams & Novak LLC now owns 1,650 shares of the pipeline company’s stock valued at $295,000 after acquiring an additional 150 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of TRGP opened at $196.55 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 12-month low of $84.33 and a 12-month high of $218.51. The business’s fifty day moving average price is $193.40 and its 200 day moving average price is $168.20. The stock has a market capitalization of $42.86 billion, a PE ratio of 35.54, a price-to-earnings-growth ratio of 0.61 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the business posted $0.97 EPS. Equities research analysts forecast that Targa Resources Corp. will post 6.41 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s payout ratio is 54.25%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent research reports. Scotiabank began coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price on the stock. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective on the stock. Royal Bank of Canada raised their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their price target on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus price target of $189.21.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.