Central Bank & Trust Co. Buys New Position in Targa Resources, Inc. $TRGP

Central Bank & Trust Co. purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,674 shares of the pipeline company’s stock, valued at approximately $493,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its holdings in shares of Targa Resources by 1,989.0% in the fourth quarter. SG Americas Securities LLC now owns 134,278 shares of the pipeline company’s stock valued at $24,774,000 after acquiring an additional 127,850 shares during the period. Diversified Trust Co. purchased a new stake in Targa Resources in the 4th quarter valued at $486,000. Wealth Enhancement Advisory Services LLC raised its position in Targa Resources by 34.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,177 shares of the pipeline company’s stock valued at $6,772,000 after purchasing an additional 9,990 shares during the last quarter. NorthCrest Asset Manangement LLC acquired a new stake in Targa Resources during the 4th quarter worth $6,535,000. Finally, Chesapeake Asset Management LLC boosted its stake in Targa Resources by 314.9% during the 4th quarter. Chesapeake Asset Management LLC now owns 3,116 shares of the pipeline company’s stock worth $575,000 after purchasing an additional 2,365 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent research reports. Barclays restated an “overweight” rating and issued a $226.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Citigroup increased their target price on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. UBS Group reissued a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Stifel Nicolaus boosted their price target on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Finally, Royal Bank Of Canada upped their price objective on Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $246.54.

Insider Buying and Selling

In other news, insider Robert Muraro sold 24,589 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the transaction, the insider directly owned 197,401 shares of the company’s stock, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director directly owned 11,670 shares of the company’s stock, valued at $2,704,172.40. This represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock worth $24,692,134 in the last three months. Company insiders own 1.34% of the company’s stock.

Targa Resources Stock Up 0.9%

Shares of Targa Resources stock opened at $239.54 on Tuesday. The company has a market cap of $51.49 billion, a P/E ratio of 27.89, a PEG ratio of 1.55 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $250.00. The firm has a fifty day moving average of $217.93 and a two-hundred day moving average of $186.35.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. On average, analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is presently 46.57%.

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.