Targa Resources, Inc. $TRGP Stock Holdings Lessened by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,676 shares of the pipeline company’s stock after selling 315 shares during the period. Brandywine Global Investment Management LLC’s holdings in Targa Resources were worth $8,996,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. GQG Partners LLC lifted its holdings in shares of 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 purchasing an additional 1,410,747 shares in the last quarter. Nuveen LLC purchased a new stake in Targa Resources in the 1st quarter worth approximately $196,351,000. Wellington Management Group LLP raised its holdings 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 worth $2,764,673,000 after acquiring an additional 962,631 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock valued at $551,033,000 after buying an additional 834,666 shares during the last quarter. Finally, Amundi lifted its stake in Targa Resources by 33.8% in the first quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock valued at $493,812,000 after acquiring an additional 622,096 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated 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 transaction, the insider directly owned 22,139 shares of the company’s stock, valued at $3,812,557.19. The trade was a 47.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on TRGP shares. BMO Capital Markets upped their price target on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Cfra Research upgraded Targa Resources to a “hold” rating in a report on Friday, August 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Wells Fargo & Company reissued an “overweight” rating and issued a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, Mizuho decreased their price objective on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a report on Friday, August 29th. One 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $210.21.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $170.36 on Friday. The firm has a market capitalization of $36.57 billion, a price-to-earnings ratio of 24.10, a PEG ratio of 0.91 and a beta of 1.16. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The business has a fifty day simple moving average of $162.40 and a 200 day simple moving average of $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.

Targa Resources (NYSE:TRGP) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. Sell-side analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed 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 of this dividend was Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. Targa Resources’s payout ratio is currently 53.19%.

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.