Bank of Montreal Can Has $33.48 Million Stake in Targa Resources, Inc. $TRGP

Bank of Montreal Can reduced its holdings in Targa Resources, Inc. (NYSE:TRGP) by 27.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 192,305 shares of the pipeline company’s stock after selling 73,545 shares during the quarter. Bank of Montreal Can’s holdings in Targa Resources were worth $33,476,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Nordea Investment Management AB increased its position in shares of Targa Resources by 260.2% in the second quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after acquiring an additional 93,119 shares during the last quarter. Allianz Asset Management GmbH boosted its position in Targa Resources by 34.2% during the second quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock valued at $221,104,000 after purchasing an additional 323,398 shares during the last quarter. Aberdeen Group plc grew its stake in Targa Resources by 17.6% in the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock valued at $30,563,000 after purchasing an additional 26,318 shares in the last quarter. OFI Invest Asset Management grew its stake in Targa Resources by 6.5% in the second quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock valued at $42,411,000 after purchasing an additional 14,883 shares in the last quarter. Finally, Peak Financial Advisors LLC acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $414,000. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TRGP shares. Wall Street Zen raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 21st. Barclays increased their price target on shares of Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Stifel Nicolaus set a $213.00 price objective on shares of Targa Resources in a research note on Thursday. Royal Bank Of Canada upped their target price 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. Finally, Cfra Research upgraded Targa Resources to a “hold” rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $209.50.

Targa Resources Price Performance

Shares of TRGP opened at $169.97 on Friday. The company’s 50-day moving average is $161.11 and its 200-day moving average is $164.71. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market capitalization of $36.58 billion, a PE ratio of 24.04, a PEG ratio of 0.91 and a beta of 1.16. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last announced its 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 company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be given a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. Targa Resources’s dividend payout ratio is presently 56.58%.

Targa Resources 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.