Los Angeles Capital Management LLC Has $37.70 Million Stake in Targa Resources, Inc. $TRGP

Los Angeles Capital Management LLC trimmed its stake in Targa Resources, Inc. (NYSE:TRGP) by 40.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 204,337 shares of the pipeline company’s stock after selling 138,783 shares during the period. Los Angeles Capital Management LLC’s holdings in Targa Resources were worth $37,700,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. XML Financial LLC bought a new stake in Targa Resources during the fourth quarter valued at $221,000. Havemeyer Place LP bought a new stake in Targa Resources during the fourth quarter valued at $1,658,000. Greykasell Wealth Strategies Inc. bought a new stake in Targa Resources during the fourth quarter valued at $209,000. MCF Advisors LLC boosted its position in Targa Resources by 71.1% during the fourth quarter. MCF Advisors LLC now owns 883 shares of the pipeline company’s stock valued at $163,000 after acquiring an additional 367 shares during the last quarter. Finally, OneAscent Financial Services LLC bought a new stake in Targa Resources during the fourth quarter valued at $289,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

TRGP stock opened at $264.19 on Monday. The stock has a market capitalization of $56.71 billion, a PE ratio of 26.71, a price-to-earnings-growth ratio of 1.35 and a beta of 0.72. The company’s 50-day moving average is $253.46 and its 200-day moving average is $219.78. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities research analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business 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 is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s payout ratio is currently 50.56%.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The shares were 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 $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.37% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on TRGP shares. Morgan Stanley upped their price target on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Scotiabank upped their price target on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Barclays upped their price target on shares of Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. TD Cowen upped their price target on shares of Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Finally, Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Fifteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $269.21.

About Targa Resources

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.