Targa Resources, Inc. $TRGP Stock Position Boosted by SCP Investment LP

SCP Investment LP raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 49.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,288 shares of the pipeline company’s stock after buying an additional 3,400 shares during the period. Targa Resources makes up 1.4% of SCP Investment LP’s portfolio, making the stock its 11th biggest position. SCP Investment LP’s holdings in Targa Resources were worth $1,724,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. NEOS Investment Management LLC increased its stake in shares of Targa Resources by 45.4% during the third quarter. NEOS Investment Management LLC now owns 24,951 shares of the pipeline company’s stock valued at $4,180,000 after acquiring an additional 7,786 shares during the period. Wealthcare Advisory Partners LLC bought a new position in Targa Resources during the 3rd quarter valued at $231,000. Merit Financial Group LLC boosted its stake in Targa Resources by 27.0% during the 3rd quarter. Merit Financial Group LLC now owns 1,568 shares of the pipeline company’s stock valued at $263,000 after purchasing an additional 333 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after purchasing an additional 422,075 shares during the period. Finally, Capital Planning Advisors LLC acquired a new stake in shares of Targa Resources in the third quarter valued at $902,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.1%

Shares of NYSE:TRGP opened at $224.07 on Wednesday. The firm has a 50 day simple moving average of $191.86 and a 200 day simple moving average of $174.32. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $226.00. 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 company has a market cap of $48.10 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 0.96 and a beta of 0.88.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the company’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 transaction, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $266.00 target price on shares of Targa Resources in a report on Wednesday, January 28th. BMO Capital Markets boosted their target price on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. UBS Group restated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Stifel Nicolaus set a $213.00 price target on shares of Targa Resources in a research report on Thursday, November 6th. Finally, Scotiabank reaffirmed an “outperform” rating and issued a $224.00 price target on shares of Targa Resources in a report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $213.50.

About Targa Resources

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.