Berger Financial Group Inc Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

Berger Financial Group Inc lowered its position in Targa Resources Corp. (NYSE:TRGP) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,988 shares of the pipeline company’s stock after selling 2,026 shares during the quarter. Berger Financial Group Inc’s holdings in Targa Resources were worth $8,923,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after acquiring an additional 13,167 shares during the last quarter. Capital Investment Advisors LLC raised its stake 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 valued at $1,476,000 after purchasing an additional 5,431 shares in the last quarter. Atomi Financial Group Inc. bought a new position in shares of Targa Resources during the fourth quarter worth about $271,000. Segment Wealth Management LLC grew its stake in Targa Resources by 2,753.4% in the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock worth $9,876,000 after purchasing an additional 53,389 shares in the last quarter. Finally, Diversified Trust Co increased its holdings in Targa Resources by 133.4% in the fourth quarter. Diversified Trust Co now owns 11,475 shares of the pipeline company’s stock valued at $2,048,000 after buying an additional 6,558 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $177.61 on Friday. 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’s 50 day moving average is $185.59 and its two-hundred day moving average is $188.07. The firm has a market capitalization of $38.65 billion, a P/E ratio of 30.94, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51.

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

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be paid a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources’s dividend payout ratio is currently 69.69%.

Insider Buying and Selling

In other news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last 90 days. 1.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TRGP shares. Citigroup increased their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Mizuho lifted their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada raised their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Finally, Morgan Stanley boosted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average price target of $210.64.

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.