SVB Wealth LLC Invests $270,000 in Targa Resources Corp. (NYSE:TRGP)

SVB Wealth LLC bought a new position in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,106 shares of the pipeline company’s stock, valued at approximately $270,000.

A number of other hedge funds have also recently modified their holdings of the stock. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 5.1% in the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after buying an additional 401,144 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after acquiring an additional 3,720,270 shares during the last quarter. Morgan Stanley raised its holdings in shares of 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 acquiring an additional 524,794 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Targa Resources by 1.6% during the third quarter. Jennison Associates LLC now owns 2,487,507 shares of the pipeline company’s stock valued at $213,229,000 after acquiring an additional 39,143 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Targa Resources by 3.2% during the third quarter. FMR LLC now owns 2,431,326 shares of the pipeline company’s stock valued at $208,413,000 after acquiring an additional 74,310 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction on 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 directly owns 156,098 shares in the company, valued at $15,141,506. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock valued at $7,987,215 over the last quarter. 1.44% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on TRGP shares. Citigroup increased their target price on Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Barclays increased their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Scotiabank increased their price target on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a report on Monday, April 15th. Mizuho increased their price target on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. increased their price target on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.55.

Targa Resources Price Performance

TRGP stock opened at $113.51 on Tuesday. The business has a fifty day moving average of $106.35 and a two-hundred day moving average of $93.10. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The stock has a market cap of $25.26 billion, a price-to-earnings ratio of 30.93 and a beta of 2.21. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.61.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, research analysts anticipate that Targa Resources Corp. will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 2.64%. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

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.