Targa Resources, Inc. $TRGP Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 5.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 484,462 shares of the pipeline company’s stock after acquiring an additional 22,969 shares during the quarter. Envestnet Asset Management Inc. owned about 0.23% of Targa Resources worth $81,167,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TRGP. Nordea Investment Management AB raised its position in Targa Resources by 260.2% during the second quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock worth $22,526,000 after acquiring an additional 93,119 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of Targa Resources by 137.9% in the third quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock valued at $11,164,000 after purchasing an additional 38,626 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Targa Resources by 2.4% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock worth $114,313,000 after purchasing an additional 16,000 shares in the last quarter. Aberdeen Group plc raised its position in shares of Targa Resources by 17.6% during the 2nd quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock worth $30,563,000 after purchasing an additional 26,318 shares during the last quarter. Finally, OFI Invest Asset Management lifted its stake in Targa Resources by 6.5% in the 2nd quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock valued at $42,411,000 after buying an additional 14,883 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $211.59 on Monday. The stock has a market cap of $45.42 billion, a P/E ratio of 28.14, a PEG ratio of 0.91 and a beta of 0.88. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $211.87. 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 firm has a 50-day moving average of $185.87 and a two-hundred day moving average of $171.63.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, January 30th. Targa Resources’s dividend payout ratio is 53.19%.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the transaction, the insider 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction that occurred 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 completion of the transaction, 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 position. The SEC filing for this sale provides additional information. Company insiders own 1.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wells Fargo & Company raised their price target on Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. The Goldman Sachs Group reiterated a “buy” rating and set a $196.00 price objective on shares of Targa Resources in a research report on Monday, January 12th. BMO Capital Markets boosted their target price on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Royal Bank Of Canada raised their price target on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Finally, Morgan Stanley reissued an “overweight” rating and set a $266.00 price target on shares of Targa Resources in a research note on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $213.50.

Targa Resources 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.