Bahl & Gaynor Inc. Has $170.56 Million Stake in Targa Resources, Inc. $TRGP

Bahl & Gaynor Inc. grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 5.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 979,794 shares of the pipeline company’s stock after purchasing an additional 47,354 shares during the quarter. Bahl & Gaynor Inc. owned about 0.46% of Targa Resources worth $170,563,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. UMB Bank n.a. lifted its position in Targa Resources by 11.9% during the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock worth $115,000 after buying an additional 70 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of Targa Resources by 0.8% in the second quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock worth $1,618,000 after acquiring an additional 72 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Targa Resources by 10.9% during the second quarter. Parkside Financial Bank & Trust now owns 805 shares of the pipeline company’s stock worth $140,000 after purchasing an additional 79 shares in the last quarter. Nwam LLC grew its stake in shares of Targa Resources by 4.3% during the second 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. Finally, RBA Wealth Management LLC increased its holdings in shares of Targa Resources by 0.4% in the second quarter. RBA Wealth Management LLC now owns 22,886 shares of the pipeline company’s stock valued at $3,984,000 after purchasing an additional 91 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.1%

NYSE:TRGP opened at $170.36 on Friday. 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 fifty-two week low of $144.14 and a fifty-two week high of $218.51. The business’s 50-day simple moving average is $162.40 and its 200-day simple moving average is $164.73. The stock has a market capitalization of $36.57 billion, a PE ratio of 24.10, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share 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 net margin of 8.99% and a return on equity of 43.35%. Sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced 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 was Friday, October 31st. This represents a $4.00 annualized dividend and a yield of 2.3%. Targa Resources’s payout ratio is presently 53.19%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TRGP shares. Scotiabank reduced their price objective on Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a report on Thursday, November 13th. JPMorgan Chase & Co. upped their price target on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Mizuho decreased their price target on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a report on Friday, August 29th. BMO Capital Markets boosted their price objective on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $205.00 target price (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $210.21.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction 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. This trade represents a 47.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.34% of the stock is currently owned by company insiders.

Targa Resources 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.