Adams Diversified Equity Fund Inc. Takes $12.19 Million Position in Targa Resources, Inc. $TRGP

Adams Diversified Equity Fund Inc. acquired a new position in Targa Resources, Inc. (NYSE:TRGP) in the first quarter, Holdings Channel.com reports. The fund acquired 48,600 shares of the pipeline company’s stock, valued at approximately $12,185,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Korea Investment CORP raised its stake in Targa Resources by 37.4% in the third quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after buying an additional 70,998 shares during the last quarter. NFC Investments LLC purchased a new stake in shares of Targa Resources during the third quarter worth about $8,478,000. PNC Financial Services Group Inc. increased its holdings in shares of Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after acquiring an additional 12,640 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares in the last quarter. Finally, Eventide Asset Management LLC increased its holdings in shares of Targa Resources by 6.9% during the third quarter. Eventide Asset Management LLC now owns 375,619 shares of the pipeline company’s stock valued at $62,960,000 after acquiring an additional 24,219 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Barclays upped their price target on shares of Targa Resources from $262.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday. Wells Fargo & Company raised their price target on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. TD Cowen lifted their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Finally, UBS Group boosted their price objective on shares of Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $272.83 on Friday. The business’s 50 day moving average price is $259.59 and its 200 day moving average price is $229.14. The firm has a market cap of $58.56 billion, a P/E ratio of 27.59, a P/E/G ratio of 1.40 and a beta of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last posted its quarterly 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). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. On average, sell-side analysts expect that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. 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 currently 50.56%.

Insider Activity

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

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.