Ninety One UK Ltd Increases Stock Position in Targa Resources Corp. (NYSE:TRGP)

Ninety One UK Ltd raised its holdings in Targa Resources Corp. (NYSE:TRGP) by 27.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,682 shares of the pipeline company’s stock after purchasing an additional 20,222 shares during the quarter. Ninety One UK Ltd’s holdings in Targa Resources were worth $16,901,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Cetera Investment Advisers increased its holdings in Targa Resources by 4.7% in the second quarter. Cetera Investment Advisers now owns 32,519 shares of the pipeline company’s stock valued at $4,188,000 after buying an additional 1,467 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Targa Resources in the second quarter valued at about $1,992,000. Park Avenue Securities LLC purchased a new position in Targa Resources in the third quarter valued at about $242,000. Czech National Bank increased its holdings in Targa Resources by 5.6% in the third quarter. Czech National Bank now owns 44,628 shares of the pipeline company’s stock valued at $6,605,000 after buying an additional 2,377 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Targa Resources by 42.5% in the third quarter. GAMMA Investing LLC now owns 3,440 shares of the pipeline company’s stock valued at $509,000 after buying an additional 1,026 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 2.2 %

TRGP stock opened at $204.17 on Thursday. Targa Resources Corp. has a 52-week low of $85.41 and a 52-week high of $218.51. The company’s 50 day simple moving average is $193.13 and its 200-day simple moving average is $170.03. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market capitalization of $44.52 billion, a P/E ratio of 36.92, a P/E/G ratio of 0.59 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company posted $0.97 earnings per share. As a group, equities research analysts anticipate that Targa Resources Corp. will post 6.41 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s payout ratio is presently 54.25%.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. UBS Group increased their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Barclays upped their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Scotiabank started coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $189.21.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.