SCS Capital Management LLC Purchases 82,407 Shares of Targa Resources, Inc. $TRGP

SCS Capital Management LLC raised its position in Targa Resources, Inc. (NYSE:TRGP) by 289.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,893 shares of the pipeline company’s stock after buying an additional 82,407 shares during the period. SCS Capital Management LLC owned 0.05% of Targa Resources worth $19,304,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Disciplina Capital Management LLC purchased a new stake in shares of Targa Resources during the first quarter valued at approximately $46,000. Elevation Point Wealth Partners LLC purchased a new position in Targa Resources in the second quarter worth $53,000. Hilltop National Bank bought a new position in Targa Resources in the 2nd quarter valued at $63,000. Private Trust Co. NA increased its position in shares of Targa Resources by 57.1% during the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock valued at $83,000 after purchasing an additional 173 shares during the last quarter. Finally, Wolff Wiese Magana LLC increased its position in shares of Targa Resources by 61.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock valued at $84,000 after purchasing an additional 183 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TRGP. Royal Bank Of Canada boosted their price target on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. BMO Capital Markets increased their target price on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Finally, Morgan Stanley lifted their price target on shares of Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a report on Wednesday, November 12th. 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. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $210.57.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $179.93 on Friday. 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 fifty-two week low of $144.14 and a fifty-two week high of $218.51. The stock has a market cap of $38.62 billion, a PE ratio of 23.93, a price-to-earnings-growth ratio of 1.02 and a beta of 0.89. The stock has a fifty day moving average of $163.60 and a 200-day moving average of $165.38.

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

Targa Resources Announces Dividend

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

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the sale, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.34% 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.