Monetary Management Group Inc. Acquires New Position in Targa Resources, Inc. $TRGP

Monetary Management Group Inc. purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,700 shares of the pipeline company’s stock, valued at approximately $498,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Korea Investment CORP increased its position in shares of Targa Resources by 37.4% during the third quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after buying an additional 70,998 shares during the period. NFC Investments LLC bought a new stake in shares of Targa Resources during the third quarter valued at about $8,478,000. Envestnet Asset Management Inc. increased its position in shares of Targa Resources by 5.0% during the third quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock valued at $81,167,000 after buying an additional 22,969 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after buying an additional 12,640 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after buying an additional 1,620,253 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on TRGP shares. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. BMO Capital Markets reiterated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Wells Fargo & Company upped their price target on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. UBS Group upped their price target on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Finally, Mizuho upped their price target on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and an average price target of $269.21.

Targa Resources Stock Up 0.1%

Shares of TRGP opened at $264.34 on Tuesday. The firm has a market cap of $56.74 billion, a P/E ratio of 26.73, a P/E/G ratio of 1.35 and a beta of 0.72. The stock has a 50 day simple moving average of $253.74 and a two-hundred day simple moving average of $220.44. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a $1.25 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s payout ratio is currently 50.56%.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Company 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.