International Assets Investment Management LLC Grows Stock Position in Targa Resources Corp. (NYSE:TRGP)

International Assets Investment Management LLC boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 15,867.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 89,737 shares of the pipeline company’s stock after buying an additional 89,175 shares during the period. International Assets Investment Management LLC’s holdings in Targa Resources were worth $7,795,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its holdings in Targa Resources by 806.8% in the third quarter. Commonwealth Equity Services LLC now owns 77,484 shares of the pipeline company’s stock valued at $6,642,000 after purchasing an additional 68,939 shares during the period. Robeco Institutional Asset Management B.V. raised its position in shares of Targa Resources by 9.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 46,414 shares of the pipeline company’s stock worth $3,979,000 after buying an additional 4,036 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Targa Resources by 26.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 44,619 shares of the pipeline company’s stock valued at $3,825,000 after acquiring an additional 9,303 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in Targa Resources by 8.1% during the third quarter. Stratos Wealth Partners LTD. now owns 4,763 shares of the pipeline company’s stock valued at $408,000 after acquiring an additional 357 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Targa Resources by 1.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,298 shares of the pipeline company’s stock worth $3,111,000 after acquiring an additional 444 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $112.80 on Tuesday. The stock’s 50 day moving average is $110.33 and its two-hundred day moving average is $95.16. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.87. The company has a market capitalization of $25.01 billion, a PE ratio of 23.21 and a beta of 2.19. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Analysts predict that Targa Resources Corp. will post 5.72 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is 61.73%.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,966 shares of company stock valued at $7,987,215. Insiders own 1.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TRGP. UBS Group reduced their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Barclays increased their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. increased their price target on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. Finally, Royal Bank of Canada boosted their price objective on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research note on Monday, February 26th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $119.92.

Targa Resources 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.