IFP Advisors Inc Boosts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

IFP Advisors Inc grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 78.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 524 shares of the pipeline company’s stock after acquiring an additional 231 shares during the quarter. IFP Advisors Inc’s holdings in Targa Resources were worth $94,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Aspect Partners LLC boosted its holdings in Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 130 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources in the 3rd quarter worth about $35,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in shares of Targa Resources in the 4th quarter worth about $49,000. Finally, UMB Bank n.a. boosted its holdings in shares of Targa Resources by 39.6% in the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after buying an additional 106 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Down 1.8 %

Shares of TRGP opened at $186.67 on Thursday. The business’s 50-day moving average price is $198.60 and its 200-day moving average price is $179.41. Targa Resources Corp. has a twelve month low of $103.04 and a twelve month high of $218.51. The stock has a market cap of $40.71 billion, a PE ratio of 32.52, a P/E/G ratio of 0.61 and a beta of 2.29. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. On average, equities analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on TRGP shares. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Stifel Nicolaus boosted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Scotiabank started coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $207.00.

Insider Activity

In related news, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares in the company, 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. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 over the last ninety days. Company insiders own 1.39% of the company’s stock.

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.