GQG Partners LLC Purchases Shares of 2,203,560 Targa Resources Corp. (NYSE:TRGP)

GQG Partners LLC acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, Holdings Channel.com reports. The fund acquired 2,203,560 shares of the pipeline company’s stock, valued at approximately $393,335,000.

Several other large investors also recently made changes to their positions in TRGP. Atala Financial Inc bought a new stake in Targa Resources in the 4th quarter valued at approximately $31,000. Rakuten Securities Inc. raised its holdings in shares of Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the last quarter. Aspect Partners LLC raised its holdings in shares of Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 130 shares during the last quarter. Rosenberg Matthew Hamilton lifted its position in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in Targa Resources during the fourth quarter worth $49,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Scotiabank lowered their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. The Goldman Sachs Group increased their price target on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Royal Bank of Canada boosted their price target on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Finally, Wells Fargo & Company upped their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $211.00.

Targa Resources Price Performance

Shares of TRGP opened at $205.01 on Tuesday. The firm has a market capitalization of $44.71 billion, a PE ratio of 35.72, a PEG ratio of 0.61 and a beta of 2.32. 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 company’s 50-day moving average is $199.93 and its 200-day moving average is $183.75. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data 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). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Equities analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Insider Transactions at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now 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 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. 1.39% of the stock is currently owned by corporate insiders.

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.