Vinva Investment Management Ltd Raises Stock Holdings in Targa Resources, Inc. $TRGP

Vinva Investment Management Ltd grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 26.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,156 shares of the pipeline company’s stock after buying an additional 4,051 shares during the period. Vinva Investment Management Ltd’s holdings in Targa Resources were worth $3,239,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in Targa Resources during the 2nd quarter worth approximately $708,366,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Targa Resources by 441.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock worth $117,565,000 after purchasing an additional 550,591 shares during the period. Franklin Resources Inc. boosted its position in shares of Targa Resources by 306.6% in the second quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after purchasing an additional 453,460 shares during the period. Vanguard Group Inc. increased its stake in shares of Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its position in shares of Targa Resources by 290.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after purchasing an additional 374,768 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 24,589 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the transaction, the insider owned 197,401 shares in the company, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles R. Crisp sold 1,359 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the completion of the sale, the director directly owned 77,094 shares in the company, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 104,929 shares of company stock valued at $24,692,134 in the last 90 days. 1.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. The Goldman Sachs Group reissued a “buy” rating and set a $242.00 price target on shares of Targa Resources in a report on Friday, February 20th. Citigroup boosted their price objective on Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $241.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Finally, Royal Bank Of Canada increased their target price on Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $240.79.

Targa Resources Stock Performance

TRGP opened at $234.55 on Tuesday. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The stock has a market capitalization of $50.42 billion, a price-to-earnings ratio of 27.31, a PEG ratio of 1.01 and a beta of 0.84. The company has a fifty day moving average of $206.47 and a 200 day moving average of $181.23. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $250.00.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources’s payout ratio is currently 46.57%.

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.