Sustainable Insight Capital Management LLC Invests $258,000 in Targa Resources Corp. (NYSE:TRGP)

Sustainable Insight Capital Management LLC purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,000 shares of the pipeline company’s stock, valued at approximately $258,000.

Other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp increased its holdings in shares of Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after purchasing an additional 89 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of Targa Resources by 17.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 93 shares during the period. Catalina Capital Group LLC boosted its stake in shares of Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after acquiring an additional 99 shares in the last quarter. Gulf International Bank UK Ltd grew its holdings in shares of Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after acquiring an additional 100 shares during the period. Finally, &PARTNERS increased its stake in Targa Resources by 1.1% in the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock valued at $1,302,000 after purchasing an additional 107 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TRGP shares. Royal Bank of Canada increased their price objective on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Scotiabank raised their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Morgan Stanley lifted their price objective on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday. Finally, UBS Group boosted their price target on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $140.54.

Targa Resources Stock Performance

Shares of TRGP stock opened at $146.75 on Friday. The firm has a market capitalization of $32.54 billion, a price-to-earnings ratio of 30.20, a price-to-earnings-growth ratio of 1.17 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The company has a 50 day moving average price of $137.82 and a 200 day moving average price of $121.76. Targa Resources Corp. has a one year low of $77.97 and a one year high of $152.42.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter last year, the firm posted $1.44 earnings per share. Sell-side analysts anticipate that Targa Resources Corp. will post 5.88 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.04%. Targa Resources’s dividend payout ratio is currently 61.73%.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The disclosure for this sale can be found here. Insiders sold a total of 45,534 shares of company stock valued at $5,989,390 in the last ninety days. Insiders own 1.39% of the company’s stock.

About Targa Resources

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.