Groupama Asset Managment Grows Position in Targa Resources, Inc. $TRGP

Groupama Asset Managment boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 755.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,494 shares of the pipeline company’s stock after acquiring an additional 10,150 shares during the period. Groupama Asset Managment’s holdings in Targa Resources were worth $1,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. CIBC Private Wealth Group LLC lifted its position in shares of Targa Resources by 3.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,007,421 shares of the pipeline company’s stock worth $168,783,000 after purchasing an additional 37,065 shares during the period. CIBC Bancorp USA Inc. purchased a new position in Targa Resources during the third quarter valued at approximately $4,984,000. Bell Investment Advisors Inc increased its holdings in Targa Resources by 1,464.7% during the third quarter. Bell Investment Advisors Inc now owns 798 shares of the pipeline company’s stock valued at $134,000 after buying an additional 747 shares during the period. WBI Investments LLC bought a new position in Targa Resources in the third quarter worth approximately $302,000. Finally, Coldstream Capital Management Inc. raised its stake in Targa Resources by 23.9% in the third quarter. Coldstream Capital Management Inc. now owns 11,698 shares of the pipeline company’s stock worth $1,960,000 after buying an additional 2,258 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP opened at $239.89 on Friday. The firm’s fifty day simple moving average is $215.42 and its two-hundred day simple moving average is $185.07. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $250.00. The firm has a market capitalization of $51.56 billion, a P/E ratio of 27.93, a P/E/G ratio of 1.53 and a beta of 0.84.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is 46.57%.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 1,359 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the transaction, the director owned 77,094 shares in the company, valued at $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the transaction, the insider directly owned 305,163 shares of the company’s stock, valued at $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 104,929 shares of company stock valued at $24,692,134. 1.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TRGP shares. BMO Capital Markets reaffirmed an “outperform” rating and set a $241.00 target price on shares of Targa Resources in a research report on Friday, February 20th. The Goldman Sachs Group reissued a “buy” rating and issued a $242.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Wells Fargo & Company upped their price objective on Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Tuesday, February 24th. Finally, Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $246.54.

Targa Resources Company Profile

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.