Eagle Wealth Strategies LLC Takes Position in Targa Resources Corp. (NYSE:TRGP)

Eagle Wealth Strategies LLC bought 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 Securities and Exchange Commission (SEC). The institutional investor bought 4,813 shares of the pipeline company’s stock, valued at approximately $418,000.

A number of other hedge funds also recently modified their holdings of the business. Signaturefd LLC raised its holdings in shares of Targa Resources by 4.7% during the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock worth $464,000 after acquiring an additional 244 shares in the last quarter. Morgan Stanley raised its holdings in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after buying an additional 524,794 shares in the last quarter. Quadrature Capital Ltd raised its holdings in Targa Resources by 364.0% during the third quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock valued at $7,615,000 after buying an additional 69,690 shares in the last quarter. Spirit of America Management Corp NY raised its holdings in Targa Resources by 21.6% during the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock valued at $4,995,000 after buying an additional 10,200 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in Targa Resources by 32.8% during the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock valued at $1,543,000 after buying an additional 4,447 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at approximately $15,141,506. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the transaction, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock worth $7,987,215 in the last quarter. Corporate insiders own 1.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on TRGP. JPMorgan Chase & Co. raised their target price on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. Citigroup lifted their target price on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Mizuho lifted their target price on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Royal Bank of Canada lifted their target price on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, February 26th. Finally, UBS Group decreased their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.55.

Targa Resources Price Performance

TRGP opened at $116.75 on Monday. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The company has a fifty day simple moving average of $108.36 and a 200 day simple moving average of $94.04. The stock has a market cap of $25.98 billion, a P/E ratio of 31.84 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. On average, research analysts expect that Targa Resources Corp. will post 5.8 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a $0.75 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.57%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is currently 54.50%.

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.