Targa Resources, Inc. $TRGP Stock: Ninety One UK Ltd Boosts Stake

Ninety One UK Ltd boosted its position in Targa Resources, Inc. (NYSE:TRGP) by 2.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 155,668 shares of the pipeline company’s stock after buying an additional 3,339 shares during the quarter. Ninety One UK Ltd owned approximately 0.07% of Targa Resources worth $42,079,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of Targa Resources by 1.4% in the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after purchasing an additional 291,114 shares in the last quarter. State Street Corp grew its position in Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after purchasing an additional 626,885 shares in the last quarter. Bank of America Corp DE grew its position 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 valued at $790,299,000 after purchasing an additional 688,598 shares in the last quarter. Deutsche Bank AG grew its position in Targa Resources by 21.7% in the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock valued at $811,190,000 after purchasing an additional 539,582 shares in the last quarter. Finally, Amundi increased its stake in Targa Resources by 10.8% in the 2nd quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock valued at $595,817,000 after buying an additional 215,915 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 7,216 shares of company stock worth $2,127,634. Company insiders own 1.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on TRGP. JPMorgan Chase & Co. boosted their price target on shares of Targa Resources from $315.00 to $351.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. The Goldman Sachs Group restated a “buy” rating and set a $322.00 price objective on shares of Targa Resources in a research note on Tuesday. Royal Bank Of Canada raised their price objective on Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. BMO Capital Markets lifted their target price on Targa Resources from $278.00 to $303.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Finally, Scotiabank reaffirmed an “outperform” rating and issued a $319.00 target price on shares of Targa Resources in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $317.75.

Targa Resources Stock Down 2.8%

TRGP traded down $8.22 during trading on Thursday, reaching $282.69. 540,162 shares of the stock were exchanged, compared to its average volume of 1,293,491. The stock has a market cap of $60.62 billion, a P/E ratio of 27.02, a price-to-earnings-growth ratio of 1.38 and a beta of 0.80. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94. The stock’s 50 day moving average price is $285.19 and its two-hundred day moving average price is $269.59. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Equities analysts expect that Targa Resources, Inc. will post 11.30 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources’s dividend payout ratio is presently 47.80%.

Targa Resources Profile

Targa Resources Corp. (NYSE: TRGP) is a Houston-based midstream energy company that owns, operates and develops infrastructure for gathering, processing, transporting, storing and exporting natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products. Its operations connect producers with domestic and international markets across key U.S. energy-producing regions.

The company’s assets include natural gas gathering and processing systems, NGL pipelines, fractionation facilities, storage assets and export terminals.