GQG Partners LLC Takes $393.34 Million Position in Targa Resources Corp. (NYSE:TRGP)

GQG Partners LLC acquired a new position in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 2,203,560 shares of the pipeline company’s stock, valued at approximately $393,335,000. GQG Partners LLC owned approximately 1.01% of Targa Resources as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Thrivent Financial for Lutherans boosted its stake in Targa Resources by 51.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 14,106 shares of the pipeline company’s stock worth $2,087,000 after purchasing an additional 4,769 shares during the period. Nwam LLC acquired a new stake in shares of Targa Resources in the third quarter worth $310,000. Cerity Partners LLC boosted its position in shares of Targa Resources by 47.5% in the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock worth $4,277,000 after buying an additional 9,307 shares during the period. Kingsview Wealth Management LLC grew its holdings in shares of Targa Resources by 764.1% during the third quarter. Kingsview Wealth Management LLC now owns 24,661 shares of the pipeline company’s stock valued at $3,650,000 after buying an additional 21,807 shares in the last quarter. Finally, Summit Trail Advisors LLC raised its position in Targa Resources by 10.3% during the third quarter. Summit Trail Advisors LLC now owns 4,022 shares of the pipeline company’s stock valued at $595,000 after buying an additional 376 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 over the last three months. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Up 3.9 %

TRGP opened at $205.01 on Tuesday. The company has a market capitalization of $44.71 billion, a P/E ratio of 35.72, a P/E/G ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm’s fifty day moving average price is $199.93 and its two-hundred day moving average price is $183.75. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last posted 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). The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their target price on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Citigroup lifted their target price on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Royal Bank of Canada boosted their target price on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus 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.