LPL Financial LLC Boosts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

LPL Financial LLC increased its position in Targa Resources Corp. (NYSE:TRGPFree Report) by 0.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 44,053 shares of the pipeline company’s stock after acquiring an additional 158 shares during the period. LPL Financial LLC’s holdings in Targa Resources were worth $3,214,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TRGP. Royal London Asset Management Ltd. purchased a new position in Targa Resources in the fourth quarter worth about $31,000. International Assets Investment Management LLC purchased a new position in shares of Targa Resources in the first quarter worth approximately $35,000. Headlands Technologies LLC bought a new stake in Targa Resources during the first quarter valued at approximately $36,000. Fred Alger Management LLC bought a new stake in Targa Resources during the third quarter valued at approximately $56,000. Finally, BDO Wealth Advisors LLC increased its holdings in Targa Resources by 104.1% during the first quarter. BDO Wealth Advisors LLC now owns 902 shares of the pipeline company’s stock valued at $66,000 after buying an additional 460 shares during the last quarter. 90.21% of the stock is owned by institutional investors.

Targa Resources Stock Performance

TRGP opened at $87.53 on Tuesday. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a market capitalization of $19.58 billion, a price-to-earnings ratio of 23.72 and a beta of 2.27. The company has a fifty day moving average of $81.23 and a 200 day moving average of $75.60. Targa Resources Corp. has a fifty-two week low of $57.23 and a fifty-two week high of $87.86.

Targa Resources (NYSE:TRGPGet Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.21. The firm had revenue of $3.40 billion during the quarter, compared to analyst estimates of $4.56 billion. Targa Resources had a return on equity of 18.14% and a net margin of 4.75%. As a group, sell-side analysts forecast that Targa Resources Corp. will post 4.89 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Friday, July 28th. Targa Resources’s payout ratio is 54.20%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. StockNews.com started coverage on shares of Targa Resources in a research report on Thursday, August 17th. They set a “hold” rating for the company. Morgan Stanley raised their price objective on Targa Resources from $106.00 to $114.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 29th. Mizuho reaffirmed a “buy” rating and set a $99.00 price objective on shares of Targa Resources in a research report on Friday, June 30th. Royal Bank of Canada increased their target price on shares of Targa Resources from $104.00 to $108.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. Finally, Barclays lowered their price target on shares of Targa Resources from $92.00 to $89.00 in a report on Tuesday, July 18th. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $101.36.

Check Out Our Latest Stock Report on Targa Resources

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $80.81, for a total value of $80,810.00. Following the sale, the chief accounting officer now owns 60,066 shares in the company, valued at $4,853,933.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Charles R. Crisp sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $82.22, for a total value of $287,770.00. Following the completion of the sale, the director now directly owns 121,024 shares of the company’s stock, valued at approximately $9,950,593.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 1,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $80.81, for a total value of $80,810.00. Following the completion of the transaction, the chief accounting officer now owns 60,066 shares of the company’s stock, valued at approximately $4,853,933.46. The disclosure for this sale can be found here. Insiders have sold 14,610 shares of company stock valued at $1,215,524 in the last ninety days. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Profile

(Free Report)

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.

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

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