Los Angeles Capital Management LLC Purchases 384,248 Shares of Targa Resources Corp. (NYSE:TRGP)

Los Angeles Capital Management LLC increased its position in Targa Resources Corp. (NYSE:TRGP) by 876.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 428,107 shares of the pipeline company’s stock after acquiring an additional 384,248 shares during the quarter. Los Angeles Capital Management LLC owned about 0.19% of Targa Resources worth $47,944,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of TRGP. General Partner Inc. bought a new position in shares of Targa Resources during the 1st quarter worth about $151,000. Kapitalo Investimentos Ltda increased its holdings in shares of Targa Resources by 157.8% during the 4th quarter. Kapitalo Investimentos Ltda now owns 2,436 shares of the pipeline company’s stock worth $212,000 after purchasing an additional 1,491 shares during the period. Nomura Holdings Inc. bought a new position in shares of Targa Resources during the 4th quarter worth about $621,000. PNC Financial Services Group Inc. increased its holdings in shares of Targa Resources by 13.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock worth $1,512,000 after purchasing an additional 2,090 shares during the period. Finally, Cooksen Wealth LLC bought a new position in shares of Targa Resources during the 4th quarter worth about $698,000. Institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at $6,466,764. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Charles R. Crisp sold 7,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the completion of the transaction, the director now owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The disclosure for this sale can be found here. Insiders sold 42,691 shares of company stock valued at $4,894,563 over the last quarter. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Mizuho lifted their target price on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Morgan Stanley lifted their target price on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. UBS Group lifted their target price on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Finally, Royal Bank of Canada lifted their target price on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and an average target price of $128.58.

Targa Resources Trading Up 1.5 %

TRGP opened at $123.44 on Thursday. The firm’s fifty day moving average is $116.05 and its two-hundred day moving average is $101.96. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The firm has a market cap of $27.37 billion, a PE ratio of 25.40, a price-to-earnings-growth ratio of 0.73 and a beta of 2.21. Targa Resources Corp. has a twelve month low of $69.86 and a twelve month high of $123.79.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. Equities research analysts anticipate that Targa Resources Corp. will post 5.27 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a dividend of $0.75 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.43%. Targa Resources’s dividend payout ratio is currently 61.73%.

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.