Targa Resources Corp. (NYSE:TRGP) Shares Purchased by King Luther Capital Management Corp

King Luther Capital Management Corp boosted its stake in Targa Resources Corp. (NYSE:TRGPGet Rating) by 20.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,484 shares of the pipeline company’s stock after buying an additional 764 shares during the period. King Luther Capital Management Corp’s holdings in Targa Resources were worth $268,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Bridgewater Associates LP acquired a new stake in Targa Resources in the second quarter worth $1,238,000. Apollon Wealth Management LLC increased its position in Targa Resources by 28.4% in the second quarter. Apollon Wealth Management LLC now owns 22,478 shares of the pipeline company’s stock worth $1,341,000 after buying an additional 4,978 shares during the period. Toronto Dominion Bank acquired a new stake in Targa Resources in the second quarter worth $5,511,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in Targa Resources by 7.6% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 57,010 shares of the pipeline company’s stock worth $3,402,000 after buying an additional 4,024 shares during the period. Finally, UBS Group AG increased its position in Targa Resources by 2.5% in the second quarter. UBS Group AG now owns 1,799,350 shares of the pipeline company’s stock worth $107,367,000 after buying an additional 44,069 shares during the period. 87.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TRGP shares. Mizuho increased their price target on Targa Resources from $91.00 to $92.00 and gave the stock a “buy” rating in a research note on Tuesday, November 8th. TheStreet raised Targa Resources from a “c” rating to a “b-” rating in a research note on Friday, October 28th. Morgan Stanley increased their price target on Targa Resources from $105.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 19th. StockNews.com started coverage on Targa Resources in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $93.00 price target on shares of Targa Resources in a research note on Thursday, September 8th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average price target of $84.91.

Targa Resources Trading Down 0.9 %

Shares of TRGP stock opened at $73.39 on Thursday. The stock has a 50-day simple moving average of $67.36 and a 200 day simple moving average of $67.18. Targa Resources Corp. has a fifty-two week low of $47.57 and a fifty-two week high of $81.50. The stock has a market capitalization of $16.61 billion, a P/E ratio of 69.24 and a beta of 2.36. The company has a quick ratio of 0.60, a current ratio of 0.74 and a debt-to-equity ratio of 2.20.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Investors of record on Monday, October 31st were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, October 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.91%. Targa Resources’s dividend payout ratio (DPR) is 132.08%.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 2,086 shares of the stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $70.87, for a total value of $147,834.82. Following the completion of the transaction, the chief accounting officer now owns 57,839 shares in the company, valued at approximately $4,099,049.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Julie H. Boushka sold 2,086 shares of the stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $70.87, for a total value of $147,834.82. Following the completion of the transaction, the chief accounting officer now owns 57,839 shares in the company, valued at approximately $4,099,049.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joe Bob Perkins sold 62,326 shares of the stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $67.84, for a total value of $4,228,195.84. Following the completion of the transaction, the director now owns 88,692 shares of the company’s stock, valued at approximately $6,016,865.28. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

Targa Resources Company Profile

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Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages 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.

See Also

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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