Targa Resources, Inc. $TRGP Shares Bought by Meeder Asset Management Inc.

Meeder Asset Management Inc. grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 12,773.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,101 shares of the pipeline company’s stock after buying an additional 12,007 shares during the period. Meeder Asset Management Inc.’s holdings in Targa Resources were worth $3,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Olistico Wealth LLC purchased a new stake in Targa Resources during the fourth quarter worth approximately $27,000. Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the fourth quarter worth approximately $30,000. Leonteq Securities AG purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $31,000. Finally, Godfrey Financial Associates Inc. purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $37,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TRGP shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. TD Cowen upped their price objective on shares of Targa Resources from $245.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Finally, Mizuho boosted their target price on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Seventeen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $285.93.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.37% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

NYSE:TRGP opened at $283.39 on Monday. The firm’s fifty day moving average price is $267.82 and its 200 day moving average price is $238.96. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $285.56. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market cap of $60.83 billion, a price-to-earnings ratio of 28.65, a price-to-earnings-growth ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. On average, sell-side analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s dividend payout ratio is currently 50.56%.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.