Targa Resources, Inc. $TRGP Stock Holdings Increased by SCP Investment LP

SCP Investment LP boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 49.4% during the third quarter, HoldingsChannel.com reports. The firm owned 10,288 shares of the pipeline company’s stock after acquiring an additional 3,400 shares during the period. Targa Resources makes up about 1.4% of SCP Investment LP’s portfolio, making the stock its 11th largest holding. SCP Investment LP’s holdings in Targa Resources were worth $1,724,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in TRGP. Norges Bank acquired a new stake in shares of Targa Resources during the 2nd quarter valued at $708,366,000. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Targa Resources by 441.3% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock worth $117,565,000 after acquiring an additional 550,591 shares in the last quarter. Franklin Resources Inc. boosted its position in Targa Resources by 306.6% during the second quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock valued at $104,686,000 after purchasing an additional 453,460 shares during the last quarter. Vanguard Group Inc. grew its stake in Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its position in Targa Resources by 290.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock worth $87,696,000 after purchasing an additional 374,768 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TRGP shares. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Stifel Nicolaus set a $213.00 price objective on Targa Resources in a report on Thursday, November 6th. BMO Capital Markets lifted their target price on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. 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. Finally, Wells Fargo & Company upped their price objective on shares of Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $213.50.

Insider Transactions at Targa Resources

In other news, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider directly owned 29,561 shares in the company, valued at $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.34% of the stock is owned by company insiders.

Targa Resources Stock Up 0.1%

Targa Resources stock opened at $224.07 on Wednesday. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $226.00. The firm has a fifty day moving average price of $191.86 and a two-hundred day moving average price of $174.32. The firm has a market cap of $48.10 billion, a price-to-earnings ratio of 29.80, a P/E/G ratio of 0.96 and a beta of 0.88.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were paid a dividend of $1.00 per share. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio is presently 53.19%.

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.