Geode Capital Management LLC Has $1.06 Billion Holdings in Targa Resources Corp. (NYSE:TRGP)

Geode Capital Management LLC grew its position in Targa Resources Corp. (NYSE:TRGP) by 3.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,930,473 shares of the pipeline company’s stock after purchasing an additional 212,986 shares during the quarter. Geode Capital Management LLC owned about 2.72% of Targa Resources worth $1,056,187,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Targa Resources in the 4th quarter worth about $505,132,000. GQG Partners LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $393,335,000. Raymond James Financial Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $150,372,000. TD Asset Management Inc. boosted its stake in shares of Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after buying an additional 825,267 shares during the period. Finally, Wellington Management Group LLP grew its position in Targa Resources by 4.4% during the third 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. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $203.16 on Wednesday. The business’s 50-day moving average price is $198.72 and its 200-day moving average price is $186.09. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $44.31 billion, a price-to-earnings ratio of 35.39, a PEG ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion for 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%. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRGP. Citigroup upped their target price on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Barclays raised their target price on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Scotiabank cut their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Royal Bank of Canada increased their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Finally, Wells Fargo & Company boosted their price objective 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. One investment 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $211.00.

Insiders Place Their Bets

In other news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s 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 completion of the transaction, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by company insiders.

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.