Sherbrooke Park Advisers LLC Invests $618,000 in Targa Resources Corp. (NYSE:TRGP)

Sherbrooke Park Advisers LLC purchased a new position in Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,463 shares of the pipeline company’s stock, valued at approximately $618,000.

Several other hedge funds have also recently modified their holdings of TRGP. Norges Bank acquired a new position in Targa Resources during the 4th quarter valued at approximately $505,132,000. GQG Partners LLC acquired a new position in Targa Resources during the 4th quarter valued at approximately $393,335,000. Canada Pension Plan Investment Board increased its stake in Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Targa Resources during the 4th quarter valued at approximately $150,372,000. Finally, TD Asset Management Inc. increased 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 worth $173,212,000 after acquiring an additional 825,267 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the 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 transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is currently owned by corporate insiders.

Targa Resources Price Performance

Targa Resources stock opened at $165.46 on Friday. The stock has a market capitalization of $35.89 billion, a P/E ratio of 28.83, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 12-month low of $113.65 and a 12-month high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm’s 50-day moving average is $177.28 and its two-hundred day moving average is $188.03.

Targa Resources (NYSE:TRGP) last posted 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 net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Equities analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

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

Analyst Ratings Changes

TRGP has been the topic of a number of research reports. Wells Fargo & Company increased their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Morgan Stanley increased their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. UBS Group lowered their price target on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a report on Thursday. The Goldman Sachs Group lowered their price target on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Finally, Scotiabank lowered their price target on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a report on Tuesday, April 29th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $201.64.

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.