Targa Resources Corp. (NYSE:TRGP) Shares Acquired by National Asset Management Inc.

National Asset Management Inc. increased its position in Targa Resources Corp. (NYSE:TRGPGet Rating) by 2.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 8,175 shares of the pipeline company’s stock after acquiring an additional 193 shares during the period. National Asset Management Inc.’s holdings in Targa Resources were worth $617,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of Targa Resources by 7.3% in the fourth quarter. BlackRock Inc. now owns 21,959,815 shares of the pipeline company’s stock valued at $1,147,183,000 after buying an additional 1,499,300 shares during the last quarter. State Street Corp raised its position in shares of Targa Resources by 2.7% in the fourth quarter. State Street Corp now owns 6,850,674 shares of the pipeline company’s stock valued at $357,879,000 after buying an additional 178,633 shares during the last quarter. Invesco Ltd. raised its position in shares of Targa Resources by 5.4% in the fourth quarter. Invesco Ltd. now owns 5,546,511 shares of the pipeline company’s stock valued at $289,751,000 after buying an additional 286,421 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Targa Resources by 0.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,977,210 shares of the pipeline company’s stock valued at $103,289,000 after buying an additional 13,902 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. raised its position in shares of Targa Resources by 11.0% in the fourth quarter. Duff & Phelps Investment Management Co. now owns 1,569,301 shares of the pipeline company’s stock valued at $81,980,000 after buying an additional 156,041 shares during the last quarter. Institutional investors and hedge funds own 91.93% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $65.41 on Wednesday. The firm has a market capitalization of $14.91 billion, a P/E ratio of -112.77 and a beta of 2.50. The firm has a fifty day moving average of $65.49 and a 200-day moving average of $67.04. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 1.73. Targa Resources Corp. has a 52-week low of $39.06 and a 52-week high of $81.50.

Targa Resources (NYSE:TRGPGet Rating) last announced its earnings results on Thursday, May 5th. The pipeline company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.83). The firm had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $6.07 billion. Targa Resources had a negative net margin of 0.22% and a positive return on equity of 8.24%. During the same quarter last year, the company posted $0.53 earnings per share. As a group, analysts predict that Targa Resources Corp. will post 3.6 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Friday, July 29th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, July 28th. This represents a $1.40 annualized dividend and a dividend yield of 2.14%. Targa Resources’s dividend payout ratio (DPR) is presently -241.38%.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $71.33, for a total transaction of $1,426,600.00. Following the transaction, the insider now directly owns 81,233 shares in the company, valued at approximately $5,794,349.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $71.33, for a total transaction of $1,426,600.00. Following the transaction, the insider now directly owns 81,233 shares in the company, valued at approximately $5,794,349.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul W. Chung sold 3,568 shares of the stock in a transaction on Monday, May 16th. The shares were sold at an average price of $73.34, for a total transaction of $261,677.12. Following the transaction, the director now owns 240,641 shares in the company, valued at $17,648,610.94. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on TRGP. StockNews.com lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Thursday, May 19th. Raymond James upped their price target on shares of Targa Resources from $80.00 to $92.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, April 20th. Barclays dropped their price target on shares of Targa Resources from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. Morgan Stanley upped their price target on shares of Targa Resources from $103.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 20th. Finally, Wells Fargo & Company dropped their price target on shares of Targa Resources to $83.00 and set an “overweight” rating for the company in a research report on Friday, May 20th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus target price of $81.36.

Targa Resources 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.

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

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