Targa Resources, Inc. $TRGP Stock Position Raised by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC lifted its position in Targa Resources, Inc. (NYSE:TRGP) by 14.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 315,360 shares of the pipeline company’s stock after buying an additional 40,030 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Targa Resources were worth $54,898,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its stake in Targa Resources by 11.9% in the second quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock valued at $115,000 after acquiring an additional 70 shares during the last quarter. QRG Capital Management Inc. increased its stake in shares of Targa Resources by 0.8% during the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock worth $1,618,000 after purchasing an additional 72 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Targa Resources by 6.1% during the 1st quarter. Proficio Capital Partners LLC now owns 1,373 shares of the pipeline company’s stock valued at $275,000 after purchasing an additional 79 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of 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 purchasing an additional 79 shares during the last quarter. Finally, Nwam LLC lifted its stake in shares of Targa Resources by 4.3% in the 2nd quarter. Nwam LLC now owns 2,169 shares of the pipeline company’s stock valued at $363,000 after purchasing an additional 89 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE:TRGP opened at $173.17 on Wednesday. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The company has a fifty day moving average price of $161.34 and a 200 day moving average price of $164.58. The stock has a market cap of $37.17 billion, a P/E ratio of 24.49, a PEG ratio of 0.91 and a beta of 1.16.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate 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 43.35% and a net margin of 8.99%. Analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be 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 is Friday, October 31st. Targa Resources’s payout ratio is currently 53.19%.

Analyst Ratings Changes

Several research firms have commented on TRGP. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a research report on Wednesday, October 8th. Cfra Research raised Targa Resources to a “hold” rating in a report on Friday, August 8th. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday. Stifel Nicolaus set a $213.00 target price on Targa Resources in a research report on Thursday, November 6th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and an average price target of $209.50.

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.