Point72 Asia Singapore Pte. Ltd. Grows Holdings in Targa Resources Corp. (NYSE:TRGP)

Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 2.0% in the fourth quarter, Holdings Channel reports. The firm owned 4,381 shares of the pipeline company’s stock after acquiring an additional 88 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Targa Resources were worth $782,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Fisher Asset Management LLC grew its position in shares of Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after buying an additional 67 shares in the last quarter. Mather Group LLC. lifted its stake in Targa Resources by 2.3% in the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after acquiring an additional 68 shares during the period. Keybank National Association OH grew its holdings in Targa Resources by 0.4% during the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after acquiring an additional 70 shares in the last quarter. Baker Avenue Asset Management LP grew its holdings in Targa Resources by 0.8% during the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company’s stock worth $1,648,000 after acquiring an additional 74 shares in the last quarter. Finally, Huntington National Bank increased its position in Targa Resources by 16.5% during the 4th quarter. Huntington National Bank now owns 557 shares of the pipeline company’s stock valued at $99,000 after purchasing an additional 79 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on TRGP. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Barclays cut their price target on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Royal Bank of Canada cut their target price on Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a research note on Thursday, May 8th. Morgan Stanley increased their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Finally, Mizuho lowered their price target on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus price target of $201.64.

Insider Buying and Selling at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction 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 sale, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. This represents a 43.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the 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 owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is currently owned by insiders.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $166.62 on Friday. The company has a 50 day moving average price of $177.59 and a 200 day moving average price of $188.02. The firm has a market capitalization of $36.15 billion, a P/E ratio of 29.03, a PEG ratio of 0.61 and a beta of 1.22. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52 week low of $113.65 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s dividend payout ratio is currently 73.66%.

About Targa Resources

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.