Targa Resources, Inc. $TRGP Shares Purchased by Summit Global Investments

Summit Global Investments raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 2.3% in the 2nd quarter, Holdings Channel reports. The fund owned 14,518 shares of the pipeline company’s stock after acquiring an additional 333 shares during the quarter. Summit Global Investments’ holdings in Targa Resources were worth $2,527,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of TRGP. Vanguard Group Inc. increased its holdings in shares of Targa Resources by 1.4% in the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock valued at $4,867,314,000 after purchasing an additional 375,939 shares during the period. Wellington Management Group LLP grew its position in Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after buying an additional 962,631 shares during the last quarter. Geode Capital Management LLC increased its stake in Targa Resources by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock valued at $1,022,222,000 after buying an additional 95,611 shares during the period. Invesco Ltd. lifted its stake in shares of Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after acquiring an additional 139,780 shares during the period. Finally, GQG Partners LLC increased its stake in shares of Targa Resources by 64.0% during the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after acquiring an additional 1,410,747 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.1%

Shares of NYSE TRGP opened at $170.36 on Monday. The firm has a market cap of $36.57 billion, a P/E ratio of 24.10, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The firm’s 50 day moving average price is $162.40 and its 200 day moving average price is $164.82.

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

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Cfra Research upgraded Targa Resources to a “hold” rating in a research report on Friday, August 8th. Royal Bank Of Canada raised their price objective on shares of Targa Resources from $208.00 to $213.00 and gave the company an “outperform” rating in a research note on Tuesday, November 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Finally, Morgan Stanley boosted their price target on Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $210.21.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider owned 22,139 shares in the company, valued at $3,812,557.19. This trade represents a 47.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.34% of the company’s stock.

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.