Targa Resources, Inc. $TRGP Stock Holdings Increased by Munro Partners

Munro Partners lifted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 476.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 62,670 shares of the pipeline company’s stock after purchasing an additional 51,805 shares during the quarter. Munro Partners’ holdings in Targa Resources were worth $10,500,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Farther Finance Advisors LLC lifted its holdings in Targa Resources by 20.8% in the third quarter. Farther Finance Advisors LLC now owns 3,285 shares of the pipeline company’s stock worth $550,000 after purchasing an additional 566 shares during the period. OFI Invest Asset Management increased its stake in Targa Resources by 28.9% during the 3rd quarter. OFI Invest Asset Management now owns 314,072 shares of the pipeline company’s stock valued at $52,620,000 after buying an additional 70,444 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Targa Resources by 6.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 178,227 shares of the pipeline company’s stock worth $29,860,000 after buying an additional 10,625 shares in the last quarter. Red Door Wealth Management LLC bought a new stake in shares of Targa Resources during the 3rd quarter worth about $235,000. Finally, Peak Financial Advisors LLC lifted its stake in shares of Targa Resources by 84.6% in the 3rd quarter. Peak Financial Advisors LLC now owns 4,389 shares of the pipeline company’s stock worth $735,000 after acquiring an additional 2,012 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

NYSE TRGP opened at $184.54 on Wednesday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The business’s fifty day moving average is $168.45 and its two-hundred day moving average is $167.27. The stock has a market capitalization of $39.61 billion, a P/E ratio of 24.54, a P/E/G ratio of 1.06 and a beta of 0.89. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last issued its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The company 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 51.87% and a net margin of 9.35%. On average, research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.2%. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Insider Activity

In other news, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the transaction, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This trade represents a 47.46% decrease in their position. The SEC filing for this sale provides additional information. 1.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. BMO Capital Markets increased their price target on Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Scotiabank lifted their price target on Targa Resources from $198.00 to $199.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Wells Fargo & Company boosted their price objective on Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $210.79.

Targa Resources Profile

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.