Aviva PLC Reduces Position in Targa Resources, Inc. $TRGP

Aviva PLC decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 35.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 209,934 shares of the pipeline company’s stock after selling 115,318 shares during the quarter. Aviva PLC owned about 0.10% of Targa Resources worth $36,545,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TRGP. GQG Partners LLC grew its holdings 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 valued at $724,560,000 after buying an additional 1,410,747 shares during the last quarter. Nuveen LLC purchased a new stake in Targa Resources during the 1st quarter valued at about $196,351,000. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Targa Resources by 43.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock valued at $551,033,000 after purchasing an additional 834,666 shares during the period. Finally, Amundi raised its stake in shares of Targa Resources by 33.8% in the first quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock worth $493,812,000 after purchasing an additional 622,096 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

TRGP opened at $171.81 on Monday. The firm has a fifty day moving average price of $161.19 and a 200 day moving average price of $164.66. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The stock has a market cap of $36.97 billion, a P/E ratio of 24.30, a P/E/G 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 results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, October 31st. Targa Resources’s payout ratio is currently 53.19%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada upped their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Mizuho decreased their target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. Finally, Stifel Nicolaus set a $213.00 price target on shares of Targa Resources in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $209.50.

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.