Russell Investments Group Ltd. Has $124.60 Million Holdings in Targa Resources, Inc. $TRGP

Russell Investments Group Ltd. cut its stake in Targa Resources, Inc. (NYSE:TRGP) by 8.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 464,580 shares of the pipeline company’s stock after selling 40,506 shares during the period. Russell Investments Group Ltd.’s holdings in Targa Resources were worth $124,601,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its position in shares of Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after acquiring an additional 12,640 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after acquiring an additional 53,413 shares during the period. Miller Howard Investments Inc. NY boosted its holdings in Targa Resources by 37.3% in the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after acquiring an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG boosted its holdings in Targa Resources by 164.1% in the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after acquiring an additional 20,905 shares during the last quarter. Finally, Ninety One UK Ltd increased its position in Targa Resources by 12.6% in the fourth quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock worth $18,031,000 after purchasing an additional 10,946 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 3.3%

TRGP stock opened at $275.77 on Friday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The stock has a market capitalization of $59.13 billion, a P/E ratio of 26.36, a P/E/G ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $291.04. The business has a 50-day moving average of $269.33 and a 200-day moving average of $250.72.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Analysts Set New Price Targets

Several analysts have weighed in on TRGP shares. UBS Group reissued a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a report on Thursday, July 9th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Royal Bank Of Canada lifted their price target on shares of Targa Resources from $310.00 to $312.00 and gave the stock an “outperform” rating in a research report on Tuesday. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $333.00 price objective on shares of Targa Resources in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $295.35.

Targa Resources 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.