DnB Asset Management AS Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

DnB Asset Management AS purchased a new stake in Targa Resources Corp. (NYSE:TRGPGet Rating) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 31,389 shares of the pipeline company’s stock, valued at approximately $1,873,000.

A number of other institutional investors also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Targa Resources by 0.9% in the first quarter. BlackRock Inc. now owns 22,156,301 shares of the pipeline company’s stock valued at $1,672,136,000 after purchasing an additional 196,486 shares in the last quarter. State Street Corp increased its position in shares of Targa Resources by 14.4% in the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock valued at $591,455,000 after acquiring an additional 986,283 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Targa Resources by 6.6% in the first quarter. Goldman Sachs Group Inc. now owns 6,802,014 shares of the pipeline company’s stock valued at $513,349,000 after acquiring an additional 421,874 shares during the last quarter. Invesco Ltd. increased 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 acquiring an additional 286,421 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Targa Resources by 424.5% in the first quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock valued at $285,110,000 after acquiring an additional 3,057,486 shares during the last quarter. 87.45% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

Targa Resources stock opened at $66.89 on Thursday. Targa Resources Corp. has a 12 month low of $45.37 and a 12 month high of $81.50. The stock’s 50 day moving average is $67.39 and its 200-day moving average is $69.36. The company has a current ratio of 0.69, a quick ratio of 0.62 and a debt-to-equity ratio of 1.60. The company has a market capitalization of $15.15 billion, a price-to-earnings ratio of 76.07 and a beta of 2.43.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 15th. Investors of record on Friday, July 29th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Thursday, July 28th. Targa Resources’s dividend payout ratio (DPR) is currently 159.09%.

Insider Activity at Targa Resources

In related news, insider Regina Gregory sold 6,494 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $67.39, for a total value of $437,630.66. Following the completion of the sale, the insider now directly owns 55,592 shares in the company, valued at $3,746,344.88. The sale was disclosed in a filing with the SEC, which is available at this link. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TRGP. Royal Bank of Canada lifted their target price on Targa Resources from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, July 12th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $93.00 target price on shares of Targa Resources in a research report on Thursday, September 8th. US Capital Advisors reaffirmed a “buy” rating on shares of Targa Resources in a research report on Monday, July 25th. Barclays lowered their price target on Targa Resources from $92.00 to $87.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. Finally, Morgan Stanley boosted their price target on Targa Resources from $103.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 20th. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $82.83.

Targa Resources Company 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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