Energy Income Partners LLC Has $86.12 Million Stock Position in Targa Resources, Inc. $TRGP

Energy Income Partners LLC cut its position in Targa Resources, Inc. (NYSE:TRGP) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 321,173 shares of the pipeline company’s stock after selling 5,602 shares during the period. Targa Resources accounts for about 1.4% of Energy Income Partners LLC’s investment portfolio, making the stock its 26th biggest position. Energy Income Partners LLC’s holdings in Targa Resources were worth $86,119,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Targa Resources in the fourth quarter valued at approximately $735,758,000. Goldman Sachs Group Inc. increased its holdings in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Targa Resources in the 3rd quarter valued at $121,426,000. Bank of America Corp DE boosted its stake in Targa Resources by 28.0% in the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock worth $790,299,000 after purchasing an additional 688,598 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. boosted its stake in Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after purchasing an additional 572,562 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Royal Bank Of Canada raised their target price on Targa Resources from $310.00 to $312.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Scotiabank increased their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. UBS Group restated a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $297.18.

Targa Resources Trading Up 7.4%

Shares of TRGP opened at $298.40 on Wednesday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $305.08. The firm has a market capitalization of $63.99 billion, a PE ratio of 28.53, a price-to-earnings-growth ratio of 1.43 and a beta of 0.72. The stock’s fifty day simple moving average is $270.29 and its 200-day simple moving average is $252.40.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, research analysts predict that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s payout ratio is currently 47.80%.

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.