Cbre Investment Management Listed Real Assets LLC Has $81.79 Million Position in Targa Resources Corp. (NYSE:TRGP)

Cbre Investment Management Listed Real Assets LLC reduced its holdings in Targa Resources Corp. (NYSE:TRGP) by 16.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 458,188 shares of the pipeline company’s stock after selling 89,870 shares during the quarter. Targa Resources comprises 1.4% of Cbre Investment Management Listed Real Assets LLC’s portfolio, making the stock its 22nd biggest holding. Cbre Investment Management Listed Real Assets LLC owned approximately 0.21% of Targa Resources worth $81,787,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after buying an additional 633,589 shares during the period. National Bank of Canada FI boosted its holdings in Targa Resources by 75.4% during the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after purchasing an additional 259,776 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in Targa Resources by 40.0% during the fourth quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock valued at $158,957,000 after purchasing an additional 254,286 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Targa Resources by 599.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after purchasing an additional 246,762 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in Targa Resources during the fourth quarter valued at approximately $41,222,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

TRGP stock opened at $190.20 on Wednesday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a 50 day moving average price of $198.48 and a 200 day moving average price of $179.36. Targa Resources Corp. has a fifty-two week low of $100.30 and a fifty-two week high of $218.51. The stock has a market capitalization of $41.48 billion, a PE ratio of 33.14, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Insider Buying and Selling at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. This represents a 11.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of recent research reports. The Goldman Sachs Group lifted their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. UBS Group lifted their price objective on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Scotiabank started coverage on Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price objective on the stock. Finally, Wells Fargo & Company boosted their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $207.00.

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.