Summit Global Investments Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

Summit Global Investments bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 30,271 shares of the pipeline company’s stock, valued at approximately $5,403,000.

Several other large investors have also recently bought and sold shares of the stock. Whittier Trust Co. of Nevada Inc. acquired a new position in Targa Resources during the 4th quarter valued at $25,035,000. Teacher Retirement System of Texas increased its holdings in Targa Resources by 231.7% in the 4th quarter. Teacher Retirement System of Texas now owns 71,119 shares of the pipeline company’s stock valued at $12,695,000 after buying an additional 49,680 shares during the period. Royal London Asset Management Ltd. increased its holdings in Targa Resources by 17.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 80,104 shares of the pipeline company’s stock valued at $14,299,000 after buying an additional 11,738 shares during the period. Vinva Investment Management Ltd increased its holdings in Targa Resources by 10.6% in the 4th quarter. Vinva Investment Management Ltd now owns 10,354 shares of the pipeline company’s stock valued at $1,841,000 after buying an additional 994 shares during the period. Finally, Xponance Inc. increased its holdings in Targa Resources by 37.0% in the 4th quarter. Xponance Inc. now owns 65,912 shares of the pipeline company’s stock valued at $11,765,000 after buying an additional 17,796 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 1.1 %

Shares of NYSE:TRGP opened at $197.25 on Friday. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The company’s 50-day moving average price is $199.77 and its two-hundred day moving average price is $182.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market cap of $43.02 billion, a P/E ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32.

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

Targa Resources Announces Dividend

The business also recently disclosed 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 is currently 52.26%.

Insiders Place Their Bets

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the company’s 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 transaction, the insider now owns 82,139 shares in the company, 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 have sold a total of 115,914 shares of company stock valued at $22,613,288 in the last 90 days. 1.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TRGP shares. Barclays boosted their price target on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank of Canada boosted their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Citigroup boosted their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Finally, Wells Fargo & Company upped their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. One equities research 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $211.00.

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.