Magnetar Financial LLC Buys 1,960 Shares of Targa Resources, Inc. $TRGP

Magnetar Financial LLC boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 15.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 14,537 shares of the pipeline company’s stock after buying an additional 1,960 shares during the period. Magnetar Financial LLC’s holdings in Targa Resources were worth $2,531,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Disciplina Capital Management LLC acquired a new position in shares of Targa Resources in the first quarter valued at approximately $46,000. Hilltop National Bank bought a new stake in Targa Resources in the 2nd quarter valued at $63,000. Private Trust Co. NA grew its holdings in Targa Resources by 57.1% in the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock valued at $83,000 after buying an additional 173 shares in the last quarter. Wolff Wiese Magana LLC increased its position in Targa Resources by 61.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock worth $84,000 after buying an additional 183 shares during the period. Finally, MTM Investment Management LLC acquired a new stake in shares of Targa Resources during the second quarter worth $98,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TRGP. Scotiabank decreased their price target on shares of Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 13th. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $205.00 target price (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Morgan Stanley boosted their price target on Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Finally, Stifel Nicolaus set a $213.00 price objective on Targa Resources in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and a consensus target price of $210.21.

Targa Resources Stock Performance

NYSE TRGP opened at $170.36 on Friday. The firm’s 50 day simple moving average is $162.40 and its 200 day simple moving average is $164.78. The firm has a market capitalization of $36.57 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 0.91 and a beta of 1.16. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last released its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, October 31st. Targa Resources’s payout ratio is currently 53.19%.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the transaction, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.34% of the company’s stock.

Targa Resources 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.