Glass Jacobson Investment Advisors llc Raises Holdings in Targa Resources Corp. (NYSE:TRGP)

Glass Jacobson Investment Advisors llc increased its position in Targa Resources Corp. (NYSE:TRGP) by 1,598.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,698 shares of the pipeline company’s stock after acquiring an additional 1,598 shares during the quarter. Glass Jacobson Investment Advisors llc’s holdings in Targa Resources were worth $219,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gryphon Financial Partners LLC raised its position in shares of Targa Resources by 1.0% in the fourth quarter. Gryphon Financial Partners LLC now owns 64,245 shares of the pipeline company’s stock valued at $5,557,000 after purchasing an additional 645 shares during the period. Beacon Pointe Advisors LLC raised its holdings in Targa Resources by 35.4% during the 4th quarter. Beacon Pointe Advisors LLC now owns 4,896 shares of the pipeline company’s stock valued at $425,000 after acquiring an additional 1,280 shares during the period. Brown Advisory Inc. lifted its position in shares of Targa Resources by 20.2% during the fourth quarter. Brown Advisory Inc. now owns 4,066 shares of the pipeline company’s stock worth $353,000 after acquiring an additional 684 shares in the last quarter. Norges Bank bought a new position in shares of Targa Resources in the fourth quarter worth $187,123,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Targa Resources by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock valued at $1,512,000 after purchasing an additional 2,090 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $152.14 on Friday. The company’s fifty day moving average price is $140.64 and its 200-day moving average price is $124.92. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The firm has a market capitalization of $33.33 billion, a price-to-earnings ratio of 31.30, a PEG ratio of 1.19 and a beta of 2.26. Targa Resources Corp. has a one year low of $77.97 and a one year high of $154.87.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the prior year, the firm earned $1.44 earnings per share. On average, equities research analysts anticipate that Targa Resources Corp. will post 5.89 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.97%. Targa Resources’s dividend payout ratio is 61.73%.

Analyst Ratings Changes

TRGP has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday. Royal Bank of Canada upped their price target on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Morgan Stanley upped their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Finally, Barclays increased their target price on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $141.77.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now owns 38,403 shares in the company, valued at $5,165,203.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,534 shares of company stock valued at $4,788,590. Corporate insiders own 1.39% of the company’s stock.

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.