Capital Investment Advisors LLC Buys 5,697 Shares of Targa Resources, Inc. $TRGP

Capital Investment Advisors LLC grew its position in Targa Resources, Inc. (NYSE:TRGP) by 28.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,873 shares of the pipeline company’s stock after purchasing an additional 5,697 shares during the quarter. Capital Investment Advisors LLC’s holdings in Targa Resources were worth $4,335,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in TRGP. Norges Bank bought a new position in Targa Resources during the second quarter worth about $708,366,000. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Targa Resources by 441.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock valued at $117,565,000 after buying an additional 550,591 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Targa Resources by 306.6% in the second quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock valued at $104,686,000 after buying an additional 453,460 shares during the period. Vanguard Group Inc. grew its position in Targa Resources by 1.4% during the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after buying an additional 375,939 shares in the last quarter. Finally, Ensign Peak Advisors Inc grew its position in Targa Resources by 290.5% during the second quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock worth $87,696,000 after buying an additional 374,768 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction 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 owned 22,139 shares in the company, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.34% of the stock is currently owned by insiders.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $176.83 on Friday. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51. The firm has a market cap of $37.96 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 0.85 and a beta of 0.87. The firm’s fifty day moving average is $176.22 and its 200-day moving average is $168.47.

Targa Resources (NYSE:TRGP) last announced its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a return on equity of 51.87% and a net margin of 9.35%. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were issued a dividend of $1.00 per share. The ex-dividend date was Friday, October 31st. This represents a $4.00 annualized dividend and a yield of 2.3%. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

Analysts Set New Price Targets

TRGP has been the subject of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. BMO Capital Markets upped their price objective on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. Finally, Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $210.79.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.