Callan Family Office LLC Buys New Stake in Targa Resources Corp. (NYSE:TRGP)

Callan Family Office LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 2,418 shares of the pipeline company’s stock, valued at approximately $432,000.

A number of other hedge funds also recently bought and sold shares of the company. MML Investors Services LLC lifted its position in shares of Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after purchasing an additional 10,100 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Targa Resources by 85.7% during the fourth 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 lifted its holdings in shares of Targa Resources by 191.4% during the fourth 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. Cerity Partners LLC boosted its position in shares of Targa Resources by 47.5% in the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock valued at $4,277,000 after acquiring an additional 9,307 shares during the period. Finally, Atomi Financial Group Inc. bought a new position in Targa Resources during the fourth quarter worth $271,000. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Barclays increased their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Mizuho boosted their price target on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Stifel Nicolaus raised their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Scotiabank lowered their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $206.43.

Targa Resources Stock Performance

NYSE TRGP opened at $181.93 on Monday. Targa Resources Corp. has a 1-year low of $103.18 and a 1-year high of $218.51. The company has a 50 day moving average of $198.77 and a 200-day moving average of $180.22. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market cap of $39.68 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 0.61 and a beta of 2.32.

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

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Buying and Selling at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now owns 2,899 shares of the company’s stock, valued at approximately $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 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Company 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.