Y Intercept Hong Kong Ltd Invests $1.16 Million in Targa Resources, Inc. $TRGP

Y Intercept Hong Kong Ltd acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,922 shares of the pipeline company’s stock, valued at approximately $1,160,000.

Other hedge funds have also made changes to their positions in the company. Maryland State Retirement & Pension System raised its holdings in Targa Resources by 5.6% in the 2nd quarter. Maryland State Retirement & Pension System now owns 205,934 shares of the pipeline company’s stock valued at $35,849,000 after acquiring an additional 10,889 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Targa Resources by 260.2% during the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock worth $22,526,000 after purchasing an additional 93,119 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Targa Resources by 137.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after purchasing an additional 38,626 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Targa Resources by 2.4% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock valued at $114,313,000 after purchasing an additional 16,000 shares during the period. Finally, Aberdeen Group plc raised its stake in shares of 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. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 completion of the transaction, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of several research reports. Royal Bank Of Canada raised their target price on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. UBS Group restated a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Scotiabank reissued an “outperform” rating and issued a $224.00 target price on shares of Targa Resources in a research note on Friday, January 16th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $196.00 price target on shares of Targa Resources in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $213.50.

Targa Resources Stock Down 0.2%

Shares of NYSE TRGP opened at $201.10 on Friday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $211.87. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. The business has a fifty day moving average of $182.65 and a two-hundred day moving average of $170.23. The stock has a market cap of $43.17 billion, a PE ratio of 26.74, a PEG ratio of 0.87 and a beta of 0.87.

Targa Resources (NYSE:TRGP) last announced its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 2.0%. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

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.