Targa Resources Corp. (NYSE:TRGP) Stock Position Raised by Covenant Partners LLC

Covenant Partners LLC boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 100.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 4,000 shares of the pipeline company’s stock after acquiring an additional 2,000 shares during the period. Covenant Partners LLC’s holdings in Targa Resources were worth $714,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Atala Financial Inc acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $31,000. Cary Street Partners Financial LLC bought a new stake in Targa Resources in the fourth quarter valued at $31,000. Rakuten Securities Inc. boosted its holdings in shares of Targa Resources by 394.6% during 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 during the period. Mizuho Bank Ltd. acquired a new position in shares of Targa Resources during the fourth quarter valued at $36,000. Finally, Aspect Partners LLC increased its holdings in shares of Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 130 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on TRGP. Citigroup upped their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Barclays lowered their target price on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Wells Fargo & Company boosted their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Finally, Mizuho reduced their price objective on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $207.21.

Targa Resources Trading Down 2.3 %

Shares of NYSE TRGP opened at $158.21 on Tuesday. Targa Resources Corp. has a 12 month low of $112.05 and a 12 month high of $218.51. The business has a fifty day simple moving average of $181.65 and a 200-day simple moving average of $188.45. The company has a market cap of $34.42 billion, a price-to-earnings ratio of 27.56, a P/E/G 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 (NYSE:TRGP) last released 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). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Sell-side analysts predict that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

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

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by corporate 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.