Commonwealth Equity Services LLC Grows Stock Position in Targa Resources, Inc. $TRGP

Commonwealth Equity Services LLC raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 137.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,636 shares of the pipeline company’s stock after acquiring an additional 38,626 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Targa Resources were worth $11,164,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. State of Wyoming grew its position in shares of Targa Resources by 3.2% in the second quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock valued at $361,000 after purchasing an additional 64 shares during the last quarter. UMB Bank n.a. lifted its stake in Targa Resources by 11.9% in the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock valued at $115,000 after buying an additional 70 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Targa Resources by 0.8% during the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock valued at $1,618,000 after buying an additional 72 shares during the last quarter. ICONIQ Capital LLC grew its holdings in Targa Resources by 5.7% during the 2nd quarter. ICONIQ Capital LLC now owns 1,437 shares of the pipeline company’s stock valued at $250,000 after buying an additional 78 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its position in 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 buying an additional 79 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent research reports. UBS Group restated a “buy” rating on shares of Targa Resources in a research report on Friday. Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Morgan Stanley raised their price target on shares of Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Stifel Nicolaus set a $213.00 price target on shares of Targa Resources in a report on Thursday, November 6th. Finally, Scotiabank boosted their price objective on shares of Targa Resources from $198.00 to $199.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. One equities research 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $210.79.

Insiders Place Their Bets

In other news, 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 sale, the insider directly owned 22,139 shares of the company’s stock, 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 link. Also, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the sale, the insider owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.34% of the stock is owned by company insiders.

Targa Resources Stock Up 0.0%

TRGP opened at $176.83 on Monday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. The business has a 50-day moving average of $176.22 and a two-hundred day moving average of $168.46. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a market capitalization of $37.96 billion, a price-to-earnings ratio of 23.51, a price-to-earnings-growth ratio of 0.85 and a beta of 0.87.

Targa Resources (NYSE:TRGP) last released 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). 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 during the quarter, compared to analyst estimates of $4.70 billion. On average, research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

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

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.