Targa Resources, Inc. $TRGP Shares Acquired by Castleark Management LLC

Castleark Management LLC lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 10.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,510 shares of the pipeline company’s stock after purchasing an additional 2,110 shares during the period. Castleark Management LLC’s holdings in Targa Resources were worth $5,393,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp raised its stake in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after buying an additional 162,878 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after acquiring an additional 45,495 shares in the last quarter. Norges Bank purchased a new position in shares of Targa Resources in the 4th quarter valued at about $735,758,000. Tortoise Capital Advisors L.L.C. increased its holdings in shares of Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after acquiring an additional 572,562 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after acquiring an additional 1,075,246 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.37% of the stock is currently owned by company insiders.

Targa Resources Trading Down 5.0%

NYSE:TRGP opened at $267.35 on Tuesday. The company has a market capitalization of $57.38 billion, a PE ratio of 27.03, a P/E/G ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $291.04. The stock’s 50 day moving average price is $269.71 and its 200 day moving average price is $243.03. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, research analysts anticipate that Targa Resources, Inc. will post 10.76 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources’s dividend payout ratio is 50.56%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Royal Bank Of Canada restated an “outperform” rating and set a $310.00 target price on shares of Targa Resources in a research note on Tuesday, July 21st. TD Cowen raised their price objective on shares of Targa Resources from $245.00 to $270.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a research report on Friday, May 8th. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $333.00 target price on shares of Targa Resources in a research report on Tuesday, July 21st. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $288.00.

About Targa Resources

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.