Gotham Asset Management LLC Raises Stake in Targa Resources Corp. (NYSE:TRGP)

Gotham Asset Management LLC increased its stake in Targa Resources Corp. (NYSE:TRGP) by 235.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 5,481 shares of the pipeline company’s stock after buying an additional 3,845 shares during the quarter. Gotham Asset Management LLC’s holdings in Targa Resources were worth $978,000 at the end of the most recent quarter.

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

Targa Resources Trading Down 0.6%

Shares of Targa Resources stock opened at $165.46 on Friday. Targa Resources Corp. has a 12-month low of $113.65 and a 12-month high of $218.51. The company has a market cap of $35.89 billion, a price-to-earnings ratio of 28.83, 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. The company’s 50-day moving average price is $177.28 and its 200-day moving average price is $188.18.

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

Targa Resources Dividend Announcement

The business also recently disclosed a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were given a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 73.66%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent research reports. Scotiabank dropped their price objective 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. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Citigroup dropped their price objective on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Barclays dropped their price objective on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $201.64.

Insider Buying and Selling

In other Targa Resources news, 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 transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This trade represents a 43.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.34% of the company’s stock.

Targa Resources Company 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.