76,834 Shares in Targa Resources, Inc. $TRGP Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) in the 3rd quarter, Holdings Channel reports. The fund purchased 76,834 shares of the pipeline company’s stock, valued at approximately $20,769,000.

Several other hedge funds have also modified their holdings of TRGP. Bank of America Corp DE purchased a new stake in shares of Targa Resources in the second quarter valued at approximately $734,846,000. Legal & General Group Plc acquired a new stake in Targa Resources in the second quarter valued at $336,575,000. Canada Pension Plan Investment Board acquired a new stake in Targa Resources in the second quarter valued at $275,702,000. Hsbc Holdings PLC purchased a new stake in shares of Targa Resources during the 2nd quarter worth $274,660,000. Finally, Kayne Anderson Capital Advisors LP purchased a new stake in shares of Targa Resources during the 2nd quarter worth $260,337,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other news, Director Paul Chung sold 1,816 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the sale, the director owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director S Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director directly owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,216 shares of company stock worth $2,127,634 over the last quarter. 1.37% of the stock is currently owned by insiders.

Targa Resources Trading Down 6.5%

Shares of TRGP opened at $294.42 on Tuesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a 1-year low of $151.78 and a 1-year high of $316.60. The stock has a market cap of $63.13 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 1.26 and a beta of 0.80. The firm has a 50 day simple moving average of $290.23 and a 200-day simple moving average of $259.43.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities analysts forecast that Targa Resources, Inc. will post 11.42 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources’s dividend payout ratio is currently 47.80%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on TRGP shares. Barclays upped their price target on shares of Targa Resources from $284.00 to $294.00 and gave the stock an “overweight” rating in a research note on Thursday, October 8th. Capital One Financial raised their price objective on shares of Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a research note on Tuesday, September 22nd. UBS Group reissued a “buy” rating and set a $318.00 price objective (up from $305.00) on shares of Targa Resources in a report on Thursday, July 9th. TD Cowen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and upped their target price for the stock from $275.00 to $350.00 in a research report on Friday, September 18th. Finally, Royal Bank Of Canada increased their target price on shares of Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus target price of $325.47.

Targa Resources Company Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.