Westfield Capital Management Co. LP Grows Position in Targa Resources, Inc. $TRGP

Westfield Capital Management Co. LP increased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 8.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 198,542 shares of the pipeline company’s stock after purchasing an additional 16,116 shares during the period. Westfield Capital Management Co. LP’s holdings in Targa Resources were worth $36,631,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Olistico Wealth LLC bought a new stake in shares of Targa Resources in the fourth quarter worth about $27,000. Atlantic Union Bankshares Corp bought a new position in Targa Resources during the fourth quarter valued at approximately $27,000. Leonteq Securities AG bought a new position in Targa Resources during the fourth quarter valued at approximately $31,000. Godfrey Financial Associates Inc. purchased a new position in Targa Resources during the 4th quarter valued at approximately $37,000. Finally, Eagle Bay Advisors LLC bought a new stake in Targa Resources in the 4th quarter worth approximately $42,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $264.19 on Friday. The stock has a market cap of $56.71 billion, a price-to-earnings ratio of 26.71, a price-to-earnings-growth ratio of 1.37 and a beta of 0.72. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a 50 day moving average price of $253.46 and a 200-day moving average price of $219.42. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s dividend payout ratio is presently 50.56%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Citigroup restated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. UBS Group upped their price target on shares of Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. TD Cowen increased their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $281.00 price objective on shares of Targa Resources in a research note on Tuesday, May 12th. Fifteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $269.21.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.