NFC Investments LLC Grows Stock Position in Targa Resources, Inc. $TRGP

NFC Investments LLC increased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 33.2% during the fourth quarter, Holdings Channel reports. The fund owned 67,396 shares of the pipeline company’s stock after purchasing an additional 16,793 shares during the period. Targa Resources makes up about 3.5% of NFC Investments LLC’s portfolio, making the stock its 10th biggest position. NFC Investments LLC’s holdings in Targa Resources were worth $12,434,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of TRGP. Norges Bank bought a new stake in Targa Resources during the 4th quarter worth approximately $735,758,000. Wellington Management Group LLP grew its position in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Targa Resources during the 3rd quarter worth approximately $121,426,000. Finally, Vanguard Group Inc. grew its position in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after acquiring an additional 422,075 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Up 3.2%

Shares of TRGP opened at $272.54 on Thursday. The firm has a market capitalization of $58.50 billion, a price-to-earnings ratio of 27.56, a PEG ratio of 1.35 and a beta of 0.72. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The business’s fifty day moving average price is $254.50 and its two-hundred day moving average price is $221.82. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a $1.25 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Analyst Ratings Changes

A number of brokerages have commented on TRGP. Barclays increased their price objective on Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research report on Friday, May 8th. UBS Group increased their price objective on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $269.21.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.37% of the stock is currently owned by company insiders.

About Targa Resources

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.