Perigon Wealth Management LLC Purchases Shares of 1,092 Targa Resources Corp. (NYSE:TRGP)

Perigon Wealth Management LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,092 shares of the pipeline company’s stock, valued at approximately $195,000.

A number of other hedge funds have also made changes to their positions in TRGP. Lebenthal Global Advisors LLC bought a new stake in shares of Targa Resources during the fourth quarter worth $964,000. Pacer Advisors Inc. grew its holdings in Targa Resources by 23.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,353 shares of the pipeline company’s stock worth $7,203,000 after purchasing an additional 7,654 shares during the period. KBC Group NV boosted its holdings in shares of Targa Resources by 20.9% during the fourth quarter. KBC Group NV now owns 52,682 shares of the pipeline company’s stock worth $9,404,000 after acquiring an additional 9,101 shares during the period. Union Bancaire Privee UBP SA bought a new stake in shares of Targa Resources during the fourth quarter worth approximately $2,200,000. Finally, Blue Trust Inc. boosted its stake in shares of Targa Resources by 54.5% in the fourth quarter. Blue Trust Inc. now owns 4,034 shares of the pipeline company’s stock valued at $720,000 after buying an additional 1,423 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.44% of the stock is currently owned by insiders.

Targa Resources Stock Up 2.5 %

TRGP opened at $201.78 on Tuesday. Targa Resources Corp. has a twelve month low of $84.43 and a twelve month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a 50-day moving average price of $193.19 and a 200 day moving average price of $169.12. The company has a market cap of $44.00 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the company posted $0.97 EPS. Sell-side analysts expect that Targa Resources Corp. will post 6.41 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.49%. Targa Resources’s dividend payout ratio is currently 54.25%.

Analyst Ratings Changes

TRGP has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Barclays upped their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Bank of America began coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Scotiabank started coverage on shares of Targa Resources in a research report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. Finally, UBS Group lifted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $189.21.

About Targa Resources

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.