Occudo Quantitative Strategies LP Grows Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Occudo Quantitative Strategies LP increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 206.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,585 shares of the pipeline company’s stock after purchasing an additional 3,761 shares during the period. Occudo Quantitative Strategies LP’s holdings in Targa Resources were worth $997,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Capital Investment Advisors LLC boosted its position in shares of Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after acquiring an additional 5,431 shares in the last quarter. Atomi Financial Group Inc. purchased a new stake in Targa Resources during the fourth quarter worth approximately $271,000. Segment Wealth Management LLC boosted its holdings in Targa Resources by 2,753.4% in the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock valued at $9,876,000 after purchasing an additional 53,389 shares in the last quarter. Czech National Bank increased its stake in Targa Resources by 5.9% in the fourth quarter. Czech National Bank now owns 47,281 shares of the pipeline company’s stock valued at $8,440,000 after purchasing an additional 2,653 shares during the last quarter. Finally, Affinity Wealth Management LLC increased its stake in Targa Resources by 117.4% in the fourth quarter. Affinity Wealth Management LLC now owns 5,341 shares of the pipeline company’s stock valued at $953,000 after purchasing an additional 2,884 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TRGP shares. Scotiabank lowered their target price on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a report on Tuesday, April 29th. The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Morgan Stanley raised their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Barclays reduced their target price on Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Finally, Mizuho dropped their price target on Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $202.93.

Targa Resources Stock Up 2.4%

Targa Resources stock opened at $170.24 on Wednesday. The stock has a 50 day moving average of $178.09 and a two-hundred day moving average of $188.14. Targa Resources Corp. has a twelve month low of $112.27 and a twelve month high of $218.51. The stock has a market capitalization of $36.93 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 0.61 and a beta of 1.22. 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 (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. As a group, research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 73.66%.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated 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. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03% decrease in their position. 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 over the last quarter. Corporate insiders own 1.34% of the company’s stock.

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.