ExodusPoint Capital Management LP Has $31.60 Million Position in Targa Resources Corp. (NYSE:TRGP)

ExodusPoint Capital Management LP grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 8.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 177,036 shares of the pipeline company’s stock after purchasing an additional 13,549 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Targa Resources were worth $31,601,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock worth $4,848,169,000 after purchasing an additional 150,038 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after buying an additional 633,589 shares during the period. Geode Capital Management LLC grew its position in shares of Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock valued at $1,056,187,000 after buying an additional 212,986 shares during the last quarter. Norges Bank acquired a new position in shares of Targa Resources in the fourth quarter worth approximately $505,132,000. Finally, GQG Partners LLC bought a new position in Targa Resources during the 4th quarter worth approximately $393,335,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

Shares of TRGP opened at $205.86 on Thursday. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50 day moving average price of $198.61 and a two-hundred day moving average price of $186.23. The firm has a market capitalization of $44.90 billion, a P/E ratio of 35.86, a P/E/G ratio of 0.61 and a beta of 2.32.

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

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Insider Buying and Selling

In other news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. The trade was a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by insiders.

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. Morgan Stanley lifted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Barclays lifted their price objective on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Scotiabank cut their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Wells Fargo & Company lifted 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. Finally, Mizuho increased their price target on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average price target of $211.00.

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.