Targa Resources, Inc. $TRGP Stock Holdings Increased by DNB Asset Management AS

DNB Asset Management AS grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 9.5% in the second quarter, HoldingsChannel reports. The fund owned 42,490 shares of the pipeline company’s stock after buying an additional 3,691 shares during the period. DNB Asset Management AS’s holdings in Targa Resources were worth $7,397,000 as of its most recent filing with the SEC.

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

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares in the company, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.34% of the stock is currently owned by company insiders.

Targa Resources Trading Up 0.1%

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

Targa Resources (NYSE:TRGP) last announced its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current 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 dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, October 31st. Targa Resources’s payout ratio is 53.19%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Wells Fargo & Company reissued an “overweight” rating and issued a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Mizuho cut their price objective on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a report on Friday, August 29th. Cfra Research raised Targa Resources to a “hold” rating in a report on Friday, August 8th. Finally, Royal Bank Of Canada boosted their price target on shares of Targa Resources from $208.00 to $213.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 18th. One equities research 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $210.21.

About Targa Resources

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.