Intech Investment Management LLC Grows Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Intech Investment Management LLC grew its position in Targa Resources Corp. (NYSE:TRGP) by 99.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,665 shares of the pipeline company’s stock after buying an additional 10,280 shares during the quarter. Intech Investment Management LLC’s holdings in Targa Resources were worth $2,661,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of TRGP. Fifth Third Bancorp grew its position in Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after acquiring an additional 89 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Targa Resources by 17.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 93 shares in the last quarter. Catalina Capital Group LLC increased its stake in Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after buying an additional 99 shares during the period. Gulf International Bank UK Ltd lifted its holdings in Targa Resources by 0.6% during the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after buying an additional 100 shares in the last quarter. Finally, &PARTNERS lifted its holdings in Targa Resources by 1.1% during the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after buying an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares in the company, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. The disclosure for this sale can be found here. Insiders sold a total of 35,534 shares of company stock worth $4,788,590 in the last 90 days. 1.39% of the stock is owned by insiders.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $152.83 on Monday. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $154.87. The firm has a market capitalization of $33.89 billion, a P/E ratio of 31.45, a P/E/G ratio of 1.19 and a beta of 2.26. 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 company’s fifty day moving average price is $141.00 and its 200 day moving average price is $125.59.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the previous year, the business earned $1.44 EPS. As a group, sell-side analysts predict that Targa Resources Corp. will post 5.89 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.96%. Targa Resources’s payout ratio is 61.73%.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent research reports. The Goldman Sachs Group upped their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company upped their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Scotiabank lifted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Barclays upped 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. Finally, UBS Group lifted their price target on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus price target of $141.77.

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.