Sequoia Financial Advisors LLC Has $350,000 Stock Position in Targa Resources Corp. (NYSE:TRGP)

Sequoia Financial Advisors LLC boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 40.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,030 shares of the pipeline company’s stock after acquiring an additional 1,162 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Targa Resources were worth $350,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of TRGP. Signaturefd LLC increased its position in Targa Resources by 4.7% in the 3rd quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock worth $464,000 after purchasing an additional 244 shares during the last quarter. Morgan Stanley raised its position in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after acquiring an additional 524,794 shares in the last quarter. Quadrature Capital Ltd raised its position in Targa Resources by 364.0% during the third quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock valued at $7,615,000 after acquiring an additional 69,690 shares in the last quarter. Spirit of America Management Corp NY lifted its stake in Targa Resources by 21.6% in the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock valued at $4,995,000 after acquiring an additional 10,200 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in Targa Resources by 32.8% in the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock worth $1,543,000 after acquiring an additional 4,447 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP opened at $111.78 on Friday. The stock has a 50 day simple moving average of $105.34 and a 200 day simple moving average of $92.49. The firm has a market capitalization of $24.87 billion, a PE ratio of 30.46 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.61.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. Sell-side analysts predict that Targa Resources Corp. will post 5.77 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is presently 81.74%.

Analyst Ratings Changes

Several equities analysts have commented on TRGP shares. UBS Group lowered their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Stifel Nicolaus lifted their target price on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays upped their price target on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, Scotiabank lifted their price objective on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research note on Monday. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $117.92.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total value of $973,100.00. Following the transaction, the insider now owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the transaction, the director now owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock worth $7,987,215 in the last quarter. Company insiders own 1.39% of the company’s stock.

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.