Geode Capital Management LLC Boosts Stock Position in Targa Resources, Inc. $TRGP

Geode Capital Management LLC boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,867,345 shares of the pipeline company’s stock after acquiring an additional 45,495 shares during the quarter. Geode Capital Management LLC’s holdings in Targa Resources were worth $1,078,497,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new position in Targa Resources during the 4th quarter valued at $27,000. Olistico Wealth LLC purchased a new position in Targa Resources during the 4th quarter valued at $27,000. Leonteq Securities AG purchased a new position in Targa Resources during the 4th quarter valued at $31,000. Eagle Bay Advisors LLC purchased a new position in Targa Resources during the 4th quarter valued at $42,000. Finally, Elyxium Wealth LLC bought a new stake in Targa Resources during the 4th quarter valued at $60,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the transaction, the insider directly owned 305,163 shares of the company’s stock, valued at $73,043,815.68. This represents a 9.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 66,728 shares of company stock valued at $16,196,694 in the last ninety days. Corporate insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on TRGP. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research report on Friday, May 8th. Scotiabank lifted their target price on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a research report on Tuesday, May 12th. Barclays lifted their target price on Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. Finally, Wells Fargo & Company lifted their target price on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and an average price target of $269.21.

Targa Resources Trading Down 2.7%

TRGP opened at $255.14 on Friday. The firm has a market cap of $54.76 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 1.35 and a beta of 0.75. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The stock has a fifty day moving average price of $251.28 and a 200-day moving average price of $216.18.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. As a group, equities research analysts anticipate that Targa Resources, Inc. will post 10.67 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 2.0%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is currently 50.56%.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.