Mn Services Vermogensbeheer B.V. boosted its holdings in Targa Resources Corp (NYSE:TRGP) by 5.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,182 shares of the pipeline company’s stock after purchasing an additional 1,700 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Targa Resources were worth $1,981,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. raised its stake in Targa Resources by 3.2% during the second quarter. BlackRock Inc. now owns 12,607,535 shares of the pipeline company’s stock valued at $623,947,000 after buying an additional 395,927 shares in the last quarter. PointState Capital LP raised its position in shares of Targa Resources by 92.3% during the 2nd quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock worth $438,150,000 after purchasing an additional 4,248,784 shares during the period. Tortoise Capital Advisors L.L.C. raised its position in shares of Targa Resources by 7.0% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 8,414,256 shares of the pipeline company’s stock worth $416,422,000 after purchasing an additional 549,161 shares during the period. Kayne Anderson Capital Advisors LP raised its position in shares of Targa Resources by 4.0% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 7,889,261 shares of the pipeline company’s stock worth $390,424,000 after purchasing an additional 301,000 shares during the period. Finally, Morgan Stanley raised its position in shares of Targa Resources by 7.8% during the 2nd quarter. Morgan Stanley now owns 2,155,252 shares of the pipeline company’s stock worth $106,664,000 after purchasing an additional 155,742 shares during the period. 91.98% of the stock is owned by hedge funds and other institutional investors.
TRGP opened at $52.24 on Friday. Targa Resources Corp has a 12 month low of $40.57 and a 12 month high of $59.21. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.64 and a current ratio of 0.73. The company has a market capitalization of $11.65 billion, a P/E ratio of -121.49 and a beta of 1.95.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 6.97%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s dividend payout ratio is currently -846.51%.
A number of analysts have recently weighed in on TRGP shares. Zacks Investment Research upgraded Targa Resources from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Tuesday, August 28th. Citigroup increased their price target on Targa Resources from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Robert W. Baird set a $62.00 price target on Targa Resources and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Royal Bank of Canada increased their price target on Targa Resources from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, August 10th. Finally, SunTrust Banks set a $56.00 price target on Targa Resources and gave the stock a “hold” rating in a research report on Friday, August 17th. Nine analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $58.53.
In other Targa Resources news, Director Charles R. Crisp sold 3,100 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $54.13, for a total transaction of $167,803.00. Following the completion of the transaction, the director now directly owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO John Richard Klein sold 2,092 shares of the stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $53.52, for a total value of $111,963.84. Following the transaction, the chief accounting officer now directly owns 24,972 shares of the company’s stock, valued at $1,336,501.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,176 shares of company stock valued at $334,507. 1.76% of the stock is currently owned by corporate insiders.
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About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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