AMF Tjanstepension AB Decreases Stock Position in Targa Resources Corp. (NYSE:TRGP)

AMF Tjanstepension AB lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 30.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,520 shares of the pipeline company’s stock after selling 38,071 shares during the quarter. AMF Tjanstepension AB’s holdings in Targa Resources were worth $15,275,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. MML Investors Services LLC increased its holdings in shares of Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after buying an additional 10,100 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Targa Resources by 85.7% in the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after buying an additional 13,167 shares during the last quarter. Capital Investment Advisors LLC increased its holdings in shares of Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after buying an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. bought a new stake in shares of Targa Resources in the 4th quarter worth about $271,000. Finally, Braun Stacey Associates Inc. bought a new stake in shares of Targa Resources in the 3rd quarter worth about $11,042,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP opened at $181.93 on Friday. The company has a 50 day moving average price of $198.77 and a 200-day moving average price of $179.69. Targa Resources Corp. has a fifty-two week low of $103.18 and a fifty-two week high of $218.51. The stock has a market capitalization of $39.68 billion, a PE ratio of 31.70, a PEG ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Equities analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.65%. Targa Resources’s payout ratio is presently 52.26%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup boosted their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Royal Bank of Canada upped their price target on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Barclays upped their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Mizuho upped their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $206.43.

About Targa Resources

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.