Norges Bank Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

Norges Bank acquired a new position in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,829,873 shares of the pipeline company’s stock, valued at approximately $505,132,000. Norges Bank owned 1.30% of Targa Resources as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Atala Financial Inc bought a new position in Targa Resources in the 4th quarter worth $31,000. Rakuten Securities Inc. lifted its position in shares of Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 146 shares in the last quarter. Aspect Partners LLC grew its position in shares of Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton raised its stake in Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new position in Targa Resources in the 4th quarter worth approximately $49,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Targa Resources

In other Targa Resources news, 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 value of $6,905,500.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 trade represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $197.69 on Friday. 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 12 month low of $110.09 and a 12 month high of $218.51. The company has a market capitalization of $43.12 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 0.61 and a beta of 2.32. The firm’s 50-day moving average is $199.31 and its 200 day moving average is $184.76.

Targa Resources (NYSE:TRGP) last released its earnings results 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 net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Analysts Set New Price Targets

TRGP has been the topic of several recent analyst reports. Scotiabank reduced their price objective on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Citigroup boosted their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Mizuho raised their price objective on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Barclays lifted their target price on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Finally, The Goldman Sachs Group raised their price target on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. One 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. Based on data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $211.00.

Targa Resources Company 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.