Norges Bank Purchases Shares of 4,069,196 Targa Resources, Inc. $TRGP

Norges Bank bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 4,069,196 shares of the pipeline company’s stock, valued at approximately $708,366,000. Norges Bank owned approximately 1.89% of Targa Resources as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in TRGP. Vanguard Group Inc. grew its stake in shares of Targa Resources by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock valued at $4,867,314,000 after purchasing an additional 375,939 shares during the period. Wellington Management Group LLP grew its stake in shares of Targa Resources by 7.5% during the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Targa Resources by 1.7% in the second quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock valued at $1,022,222,000 after purchasing an additional 95,611 shares in the last quarter. Invesco Ltd. lifted its holdings in Targa Resources by 3.2% during the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after buying an additional 139,780 shares in the last quarter. Finally, GQG Partners LLC lifted its holdings in Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock valued at $724,560,000 after buying an additional 1,410,747 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP opened at $175.31 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The stock has a market cap of $37.63 billion, a price-to-earnings ratio of 24.80, a PEG ratio of 0.91 and a beta of 1.16. The business has a 50 day simple moving average of $163.11 and a 200 day simple moving average of $165.15. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). The company 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%. Analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts recently commented on TRGP shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Mizuho lowered their price target on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Scotiabank cut 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 report on Thursday, November 13th. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Morgan Stanley upped their target price on shares of Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $210.21.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction that occurred on 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 $3,812,557.19. This represents a 47.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.34% of the stock is currently owned by company insiders.

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.