Jefferies Financial Group Inc. trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 84.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,763 shares of the pipeline company’s stock after selling 9,263 shares during the period. Jefferies Financial Group Inc.’s holdings in Targa Resources were worth $325,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in shares of Targa Resources by 19.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,854 shares of the pipeline company’s stock valued at $711,000 after buying an additional 623 shares during the last quarter. Americana Partners LLC lifted its position in shares of Targa Resources by 4.2% in the fourth quarter. Americana Partners LLC now owns 77,178 shares of the pipeline company’s stock valued at $14,239,000 after buying an additional 3,080 shares during the last quarter. Evoke Wealth LLC lifted its position in shares of Targa Resources by 6.1% in the fourth quarter. Evoke Wealth LLC now owns 1,693 shares of the pipeline company’s stock valued at $312,000 after buying an additional 97 shares during the last quarter. Mraz Amerine & Associates Inc. bought a new position in shares of Targa Resources during the fourth quarter worth approximately $208,000. Finally, Callahan Advisors LLC bought a new position in shares of Targa Resources during the fourth quarter worth approximately $209,000. 92.13% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Targa Resources news, insider Robert Muraro sold 24,589 shares of the firm’s stock in a transaction 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 transaction, the insider owned 197,401 shares in the company, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.37% of the stock is owned by company insiders.
Targa Resources Price Performance
Targa Resources (NYSE:TRGP – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Equities research analysts predict that Targa Resources, Inc. will post 10.67 earnings per share for the current year.
Targa Resources Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 2.0%. Targa Resources’s dividend payout ratio is 50.56%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on TRGP. TD Cowen increased their target price on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Morgan Stanley increased their target price on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research note on Friday, May 8th. Scotiabank increased their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Finally, Mizuho increased their target price on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday. Fifteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $269.21.
Check Out Our Latest Analysis on TRGP
Targa Resources Profile
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.
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