Russell Investments Group Ltd. Has $73.03 Million Stock Position in Targa Resources, Inc. $TRGP

Russell Investments Group Ltd. grew its position in Targa Resources, Inc. (NYSE:TRGP) by 2.6% in the third quarter, Holdings Channel.com reports. The fund owned 435,729 shares of the pipeline company’s stock after buying an additional 11,037 shares during the period. Russell Investments Group Ltd.’s holdings in Targa Resources were worth $73,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Stratos Wealth Partners LTD. increased its position in shares of Targa Resources by 1.3% during the third quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company’s stock valued at $845,000 after purchasing an additional 64 shares during the period. State of Wyoming lifted its position in Targa Resources by 3.2% in the second quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock worth $361,000 after purchasing an additional 64 shares during the period. Savant Capital LLC boosted its stake in Targa Resources by 2.6% during the third quarter. Savant Capital LLC now owns 2,849 shares of the pipeline company’s stock worth $477,000 after buying an additional 73 shares in the last quarter. ICONIQ Capital LLC boosted its stake in Targa Resources by 5.7% during the second quarter. ICONIQ Capital LLC now owns 1,437 shares of the pipeline company’s stock worth $250,000 after buying an additional 78 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in Targa Resources by 10.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 805 shares of the pipeline company’s stock valued at $140,000 after buying an additional 79 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the company’s stock in a transaction dated 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 sale, the insider directly owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles R. Crisp sold 1,359 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the sale, the director directly owned 77,094 shares of the company’s stock, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 104,929 shares of company stock valued at $24,692,134. Corporate insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TRGP shares. Barclays restated an “overweight” rating and issued a $226.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research note on Tuesday, February 24th. UBS Group reissued a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Morgan Stanley increased their price target on shares of Targa Resources from $266.00 to $298.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Citigroup raised their price target on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $240.79.

Targa Resources Stock Down 0.9%

Shares of NYSE TRGP opened at $232.54 on Wednesday. The stock has a market cap of $49.98 billion, a PE ratio of 27.07, a PEG ratio of 1.00 and a beta of 0.84. The business has a fifty day moving average of $207.40 and a two-hundred day moving average of $181.72. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $250.00. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given 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 payout ratio is 46.57%.

About Targa Resources

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.