GAMMA Investing LLC Increases Position in Targa Resources Corp. (NYSE:TRGP)

GAMMA Investing LLC grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 18.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,072 shares of the pipeline company’s stock after purchasing an additional 632 shares during the period. GAMMA Investing LLC’s holdings in Targa Resources were worth $727,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Buckley Wealth Management LLC raised its stake in Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after buying an additional 65 shares during the last quarter. Coldstream Capital Management Inc. increased its holdings in shares of Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 66 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after purchasing an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its stake in Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after purchasing an additional 84 shares in the last quarter. Finally, Huntington National Bank grew its position in Targa Resources by 22.9% during the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on TRGP shares. Royal Bank of Canada lifted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Wells Fargo & Company upped their price target on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $181.43.

Targa Resources Trading Up 1.7 %

Shares of NYSE:TRGP opened at $186.17 on Friday. The stock’s 50-day simple moving average is $186.72 and its two-hundred day simple moving average is $158.57. The stock has a market capitalization of $40.60 billion, a price-to-earnings ratio of 33.67, a PEG ratio of 0.73 and a beta of 2.30. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business posted $0.97 earnings per share. Analysts expect that Targa Resources Corp. will post 6.26 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.61%. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

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.