Geode Capital Management LLC Purchases 95,611 Shares of Targa Resources, Inc. $TRGP

Geode Capital Management LLC raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.7% during the 2nd quarter, Holdings Channel reports. The fund owned 5,856,899 shares of the pipeline company’s stock after purchasing an additional 95,611 shares during the period. Geode Capital Management LLC’s holdings in Targa Resources were worth $1,022,222,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TRGP. Nordea Investment Management AB increased its holdings in shares of Targa Resources by 260.2% in the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock worth $22,526,000 after buying an additional 93,119 shares during the last quarter. Aberdeen Group plc grew its position in Targa Resources by 17.6% in the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock worth $30,563,000 after acquiring an additional 26,318 shares in the last quarter. Allianz Asset Management GmbH grew its position in 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 worth $221,104,000 after acquiring an additional 323,398 shares in the last quarter. OFI Invest Asset Management increased its stake 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 acquiring an additional 14,883 shares during the last quarter. Finally, Freemont Management S.A. raised its position in Targa Resources by 30.7% during the second quarter. Freemont Management S.A. now owns 26,400 shares of the pipeline company’s stock valued at $4,596,000 after purchasing an additional 6,200 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the subject of a number of recent research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Mizuho lowered their price target on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. Cfra Research raised shares of Targa Resources to a “hold” rating in a research note on Friday, August 8th. Wells Fargo & Company reaffirmed 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. Finally, Morgan Stanley upped their price target on shares of Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus target price of $209.86.

Targa Resources Trading Down 0.7%

Shares of TRGP opened at $169.30 on Friday. The firm has a market capitalization of $36.34 billion, a price-to-earnings ratio of 23.95, 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, Inc. has a 1-year low of $144.14 and a 1-year high of $218.51. The company has a 50-day moving average of $161.54 and a 200 day moving average of $164.65.

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

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

About Targa Resources

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.