Williams & Novak LLC Grows Stock Position in Targa Resources Corp. (NYSE:TRGP)

Williams & Novak LLC boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 10.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,650 shares of the pipeline company’s stock after acquiring an additional 150 shares during the period. Williams & Novak LLC’s holdings in Targa Resources were worth $295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in TRGP. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC purchased a new position in Targa Resources during the third quarter worth $29,000. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the third quarter worth $35,000. Rosenberg Matthew Hamilton lifted its position in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in shares of Targa Resources by 39.6% during the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after acquiring an additional 106 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Barclays raised their target price on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Wells Fargo & Company lifted their target price on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $189.21.

Targa Resources Trading Up 1.7 %

TRGP opened at $202.55 on Wednesday. The firm’s 50 day moving average is $193.47 and its 200-day moving average is $167.22. Targa Resources Corp. has a 52-week low of $84.33 and a 52-week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $44.17 billion, a P/E ratio of 36.63, a P/E/G ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the firm posted $0.97 EPS. Analysts expect that Targa Resources Corp. will post 6.42 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.48%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is owned by company insiders.

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.