Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC boosted its position in Targa Resources Corp. (NYSE:TRGP) by 338.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,395 shares of the pipeline company’s stock after acquiring an additional 8,797 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Targa Resources were worth $1,276,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Deutsche Bank AG raised its position in shares of Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after acquiring an additional 3,720,270 shares in the last quarter. Blackstone Inc. raised its holdings in Targa Resources by 60.4% during the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after purchasing an additional 3,554,989 shares in the last quarter. Norges Bank purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $187,123,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Targa Resources by 231.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after buying an additional 962,073 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Targa Resources by 16.1% in the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after buying an additional 524,794 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research reports. Wells Fargo & Company boosted their price objective on Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. Morgan Stanley upped their price target on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. UBS Group boosted their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, Royal Bank of Canada lifted their price objective on Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a report on Thursday, May 16th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $131.08.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares in the company, valued at $6,466,764. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at $6,466,764. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the sale, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. Insiders sold a total of 52,691 shares of company stock valued at $6,197,632 in the last ninety days. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP traded up $2.60 during mid-day trading on Thursday, hitting $133.60. The stock had a trading volume of 892,813 shares, compared to its average volume of 1,602,443. The company has a 50 day simple moving average of $119.35 and a 200 day simple moving average of $105.16. The company has a market cap of $29.62 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 0.77 and a beta of 2.27. Targa Resources Corp. has a 52-week low of $74.95 and a 52-week high of $133.78. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.28 billion. Equities analysts forecast that Targa Resources Corp. will post 5.27 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.25%. Targa Resources’s dividend payout ratio is currently 61.73%.

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.