Targa Resources, Inc. $TRGP Shares Bought by First Trust Advisors LP

First Trust Advisors LP lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 238.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 228,538 shares of the pipeline company’s stock after acquiring an additional 161,035 shares during the quarter. First Trust Advisors LP owned about 0.11% of Targa Resources worth $57,301,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. ABN Amro Investment Solutions boosted its stake in Targa Resources by 30.3% during the 1st quarter. ABN Amro Investment Solutions now owns 16,137 shares of the pipeline company’s stock valued at $4,046,000 after purchasing an additional 3,751 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Targa Resources in the 1st quarter worth $52,000. Amova Asset Management Americas Inc. raised its stake in shares of Targa Resources by 3.6% in the 1st quarter. Amova Asset Management Americas Inc. now owns 5,391 shares of the pipeline company’s stock worth $1,352,000 after buying an additional 188 shares in the last quarter. Alta Advisers Ltd acquired a new stake in shares of Targa Resources in the first quarter valued at $206,000. Finally, Meeder Asset Management Inc. boosted its stake in Targa Resources by 12,773.4% during the first quarter. Meeder Asset Management Inc. now owns 12,101 shares of the pipeline company’s stock valued at $3,034,000 after buying an additional 12,007 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research analyst reports. Scotiabank lifted their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Erste Group Bank started coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. Mizuho raised their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $288.00.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $281.04 on Monday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04. The stock has a fifty day moving average of $269.86 and a 200-day moving average of $242.40. The company has a market capitalization of $60.32 billion, a PE ratio of 28.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, equities analysts anticipate that Targa Resources, Inc. will post 10.76 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

About Targa Resources

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.