ABN Amro Investment Solutions Acquires Shares of 12,386 Targa Resources, Inc. $TRGP

ABN Amro Investment Solutions bought a new position in Targa Resources, Inc. (NYSE:TRGP) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 12,386 shares of the pipeline company’s stock, valued at approximately $2,285,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. Olistico Wealth LLC purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the 4th quarter worth approximately $27,000. Root Financial Partners LLC bought a new position in Targa Resources in the 3rd quarter valued at approximately $39,000. Eagle Bay Advisors LLC purchased a new stake in Targa Resources during the 4th quarter valued at $42,000. Finally, Elyxium Wealth LLC purchased a new stake in Targa Resources during the 4th quarter valued at $60,000. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TRGP shares. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research note on Friday, May 8th. BMO Capital Markets reaffirmed an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $281.00 price objective on shares of Targa Resources in a report on Tuesday, May 12th. UBS Group boosted their target price on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Finally, Scotiabank upped their target price on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $266.36.

Insider Activity at Targa Resources

In other news, President Jennifer R. Kneale sold 29,509 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total value of $6,790,611.08. Following the transaction, the president directly owned 235,260 shares in the company, valued at $54,138,031.20. The trade was a 11.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 115,531 shares of company stock worth $27,405,821 in the last 90 days. Company insiders own 1.37% of the company’s stock.

Targa Resources Stock Up 2.4%

NYSE TRGP opened at $276.62 on Friday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company has a market capitalization of $59.37 billion, a P/E ratio of 27.97, a price-to-earnings-growth ratio of 1.69 and a beta of 0.75. The stock’s 50-day moving average price is $248.57 and its 200-day moving average price is $212.59.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. On average, equities research analysts predict that Targa Resources, Inc. will post 10.66 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is 50.56%.

Targa Resources Company 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.