Burney Co. Purchases 176 Shares of Targa Resources Corp. (NYSE:TRGP)

Burney Co. increased its position in Targa Resources Corp. (NYSE:TRGP) by 0.2% during the fourth quarter, Holdings Channel reports. The firm owned 109,451 shares of the pipeline company’s stock after buying an additional 176 shares during the quarter. Burney Co.’s holdings in Targa Resources were worth $19,537,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP raised its stake in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after buying an additional 633,589 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $72,345,000. Dimensional Fund Advisors LP raised its stake in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares during the period. National Bank of Canada FI lifted its holdings in Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after purchasing an additional 259,776 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in Targa Resources by 599.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after purchasing an additional 246,762 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Morgan Stanley raised their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Royal Bank of Canada upped their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Stifel Nicolaus lifted their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Barclays increased their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $189.21.

Insider Activity

In related news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on 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. This represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.44% of the stock is owned by company insiders.

Targa Resources Stock Performance

Shares of TRGP stock opened at $203.75 on Wednesday. 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 one year low of $81.03 and a one year high of $209.87. The business’s 50 day simple moving average is $190.21 and its 200 day simple moving average is $162.26. The stock has a market capitalization of $44.43 billion, a PE ratio of 36.84, a PEG ratio of 0.73 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations 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 prior year, the company posted $0.97 earnings per share. As a group, research analysts forecast that Targa Resources Corp. will post 6.26 earnings per share for the current year.

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.