First Citizens Bank & Trust Co. Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

First Citizens Bank & Trust Co. purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,157 shares of the pipeline company’s stock, valued at approximately $207,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of TRGP. PCG Wealth Advisors LLC bought a new position in Targa Resources during the 4th quarter worth approximately $216,000. Curated Wealth Partners LLC bought a new position in shares of Targa Resources in the fourth quarter worth approximately $584,000. Sustainable Insight Capital Management LLC purchased a new position in shares of Targa Resources in the fourth quarter worth $339,000. Mutual Advisors LLC bought a new stake in Targa Resources during the 4th quarter valued at $269,000. Finally, Janney Montgomery Scott LLC boosted its position in Targa Resources by 7.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 48,289 shares of the pipeline company’s stock valued at $8,620,000 after buying an additional 3,327 shares during the period. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

Shares of TRGP opened at $202.55 on Wednesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market cap of $44.17 billion, a P/E ratio of 36.63, a P/E/G ratio of 0.63 and a beta of 2.30. The business’s 50 day moving average price is $193.47 and its 200-day moving average price is $167.22. Targa Resources Corp. has a 52 week low of $84.33 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the company posted $0.97 earnings per share. Equities research analysts anticipate that Targa Resources Corp. will post 6.42 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of analyst reports. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Barclays upped their price target on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective on the stock. The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. One 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. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $189.21.

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.