American International Group Inc. Purchases 241 Shares of Targa Resources Corp. (NYSE:TRGP)

American International Group Inc. lifted its position in Targa Resources Corp. (NYSE:TRGP) by 0.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,044 shares of the pipeline company’s stock after purchasing an additional 241 shares during the quarter. American International Group Inc.’s holdings in Targa Resources were worth $5,477,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in Targa Resources by 231.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after acquiring an additional 962,073 shares during the last quarter. Morgan Stanley grew its holdings in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares during the last quarter. Ieq Capital LLC grew its holdings in shares of Targa Resources by 8.5% during the 4th quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock valued at $536,000 after purchasing an additional 482 shares during the last quarter. Quadrature Capital Ltd raised its position in Targa Resources by 364.0% in the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock worth $7,615,000 after purchasing an additional 69,690 shares during the period. Finally, Natixis Advisors L.P. bought a new stake in Targa Resources in the fourth quarter worth $1,117,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Royal Bank of Canada lifted their price objective on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Scotiabank increased their price objective on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. Barclays raised their target price on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Mizuho upped their price target on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Finally, Wells Fargo & Company raised their price target on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $128.58.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the sale, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction on Tuesday, May 7th. The stock was 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 owns 57,228 shares in the company, valued at $6,466,764. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Muraro sold 10,000 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the sale, the insider now directly owns 196,951 shares in the company, valued at $23,649,876.08. The disclosure for this sale can be found here. Insiders sold a total of 42,691 shares of company stock valued at $4,894,563 in the last three months. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $125.10 on Friday. Targa Resources Corp. has a fifty-two week low of $69.86 and a fifty-two week high of $129.68. The stock’s 50 day simple moving average is $116.48 and its two-hundred day simple moving average is $102.37. 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 stock has a market cap of $27.74 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 0.73 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last released its quarterly 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 for the quarter, compared to the consensus estimate of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. As a group, analysts expect that Targa Resources Corp. will post 5.27 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a $0.75 dividend. The ex-dividend date was Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.40%. Targa Resources’s dividend payout ratio is currently 61.73%.

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.