1832 Asset Management L.P. Buys 13,929 Shares of Targa Resources, Inc. $TRGP

1832 Asset Management L.P. raised its stake in Targa Resources, Inc. (NYSE:TRGP) by 7.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 192,327 shares of the pipeline company’s stock after buying an additional 13,929 shares during the quarter. 1832 Asset Management L.P.’s holdings in Targa Resources were worth $33,480,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Nordea Investment Management AB lifted its holdings in shares of Targa Resources by 260.2% during the 2nd 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 period. Aberdeen Group plc increased its stake in Targa Resources by 17.6% in the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock valued at $30,563,000 after acquiring an additional 26,318 shares during the last quarter. OFI Invest Asset Management raised its position in Targa Resources by 6.5% during the second quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock valued at $42,411,000 after purchasing an additional 14,883 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in Targa Resources by 34.2% during the second quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock worth $221,104,000 after purchasing an additional 323,398 shares during the last quarter. Finally, Freemont Management S.A. boosted its holdings in shares of Targa Resources by 30.7% in the 2nd quarter. Freemont Management S.A. now owns 26,400 shares of the pipeline company’s stock valued at $4,596,000 after purchasing an additional 6,200 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

TRGP stock opened at $179.93 on Friday. The company has a market capitalization of $38.62 billion, a P/E ratio of 23.93, a PEG ratio of 1.02 and a beta of 0.89. The company has a fifty day moving average price of $163.60 and a 200-day moving average price of $165.38. 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.

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

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Friday, October 31st were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. Targa Resources’s dividend payout ratio is presently 53.19%.

Insider Activity

In related news, insider D. Scott Pryor sold 20,000 shares of Targa Resources 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.34% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Scotiabank lowered their price target on Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating for the company in a report on Thursday, November 13th. Cfra Research raised Targa Resources to a “hold” rating in a research note on Friday, August 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. The Goldman Sachs Group reduced their price target on shares of Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Finally, Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One 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 stock. According to data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $210.57.

Targa Resources Company 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.