Edgestream Partners L.P. Has $859,000 Position in Targa Resources, Inc. $TRGP

Edgestream Partners L.P. lessened its holdings in Targa Resources, Inc. (NYSE:TRGP) by 92.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,936 shares of the pipeline company’s stock after selling 64,738 shares during the quarter. Edgestream Partners L.P.’s holdings in Targa Resources were worth $859,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TRGP. Norges Bank acquired a new position in shares of Targa Resources during the second quarter worth $708,366,000. GQG Partners LLC raised its position in Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after purchasing an additional 1,410,747 shares during the last quarter. Nuveen LLC acquired a new position in Targa Resources during the 1st quarter worth about $196,351,000. Wellington Management Group LLP grew its position in shares of Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after buying an additional 962,631 shares during the last quarter. Finally, Amundi grew its position in shares of Targa Resources by 33.8% in the 1st quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock valued at $493,812,000 after buying an additional 622,096 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TRGP shares. The Goldman Sachs Group lowered their price objective on Targa Resources from $189.00 to $188.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. UBS Group reaffirmed a “buy” rating and issued a $228.00 price objective on shares of Targa Resources in a research note on Tuesday. Mizuho lowered their target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Finally, Scotiabank cut their price target on shares of Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a research report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $210.57.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider owned 22,139 shares in the company, valued at $3,812,557.19. The trade was a 47.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.34% of the stock is currently owned by corporate insiders.

Targa Resources Price Performance

TRGP stock opened at $180.73 on Friday. The stock has a market capitalization of $38.79 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 1.04 and a beta of 0.89. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The company’s 50-day moving average is $163.73 and its 200-day moving average is $165.52. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed 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 2.2%. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

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.