Freemont Management S.A. Has $4.60 Million Stake in Targa Resources, Inc. $TRGP

Freemont Management S.A. boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 30.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 26,400 shares of the pipeline company’s stock after buying an additional 6,200 shares during the quarter. Freemont Management S.A.’s holdings in Targa Resources were worth $4,596,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Nordea Investment Management AB grew its position in shares of Targa Resources by 260.2% during the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock worth $22,526,000 after purchasing an additional 93,119 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of Targa Resources by 34.2% in the second quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock valued at $221,104,000 after buying an additional 323,398 shares in the last quarter. Aberdeen Group plc boosted its stake in shares of Targa Resources by 17.6% in the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock valued at $30,563,000 after buying an additional 26,318 shares during the period. OFI Invest Asset Management grew its position in Targa Resources by 6.5% during the second quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock worth $42,411,000 after buying an additional 14,883 shares in the last quarter. Finally, Peak Financial Advisors LLC bought a new position in Targa Resources during the 2nd quarter worth $414,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Wells Fargo & Company reissued an “overweight” rating and set a $205.00 price target (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Mizuho lowered their price objective on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Finally, Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $209.50.

Targa Resources Trading Up 1.1%

Shares of NYSE TRGP opened at $171.81 on Friday. The business’s 50 day moving average is $161.19 and its two-hundred day moving average is $164.76. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $218.51. The stock has a market capitalization of $36.97 billion, a P/E ratio of 24.30, a PEG ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. As a group, research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be issued a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. Targa Resources’s payout ratio is presently 56.58%.

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.