Gulf International Bank UK Ltd Has $3 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Gulf International Bank UK Ltd lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 1.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,794 shares of the pipeline company’s stock after selling 189 shares during the period. Gulf International Bank UK Ltd’s holdings in Targa Resources were worth $2,997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in TRGP. Allworth Financial LP grew its position in shares of Targa Resources by 43.6% during the 3rd quarter. Allworth Financial LP now owns 553 shares of the pipeline company’s stock worth $82,000 after purchasing an additional 168 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Targa Resources by 11.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,371 shares of the pipeline company’s stock worth $1,979,000 after purchasing an additional 1,321 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Targa Resources by 2.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 19,885 shares of the pipeline company’s stock worth $2,943,000 after purchasing an additional 445 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth approximately $208,000. Finally, First Trust Direct Indexing L.P. boosted its position in shares of Targa Resources by 2.8% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 8,595 shares of the pipeline company’s stock worth $1,272,000 after acquiring an additional 237 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction 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 completion of the transaction, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TRGP shares. Barclays increased their price target on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Scotiabank started coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. Stifel Nicolaus increased their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Citigroup increased their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus price target of $205.43.

Targa Resources Price Performance

TRGP stock opened at $201.02 on Friday. The company has a fifty day moving average price of $197.95 and a 200-day moving average price of $178.09. The company has a market capitalization of $43.84 billion, a P/E ratio of 35.02, a PEG ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a 52-week low of $97.29 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, equities analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

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.