Massachusetts Financial Services Co. MA Increases Holdings in Targa Resources, Inc. $TRGP

Massachusetts Financial Services Co. MA increased its position in Targa Resources, Inc. (NYSE:TRGP) by 1.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,062,171 shares of the pipeline company’s stock after buying an additional 11,281 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Targa Resources were worth $284,811,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of TRGP. PNC Financial Services Group Inc. raised its position in Targa Resources by 57.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares during the period. Hsbc Holdings PLC lifted its stake in Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY boosted its position in Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after buying an additional 62,652 shares during the period. Raiffeisen Bank International AG boosted its position in Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after buying an additional 20,905 shares during the period. Finally, Ninety One UK Ltd grew its stake in shares of Targa Resources by 12.6% during the fourth quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock valued at $18,031,000 after buying an additional 10,946 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on TRGP shares. Citigroup reiterated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Morgan Stanley restated an “overweight” rating and set a $333.00 price target on shares of Targa Resources in a research report on Tuesday, July 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. Royal Bank Of Canada lifted their price target on Targa Resources from $310.00 to $312.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $295.35.

Targa Resources Trading Up 3.3%

NYSE TRGP opened at $275.77 on Friday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $291.04. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a 50 day simple moving average of $269.33 and a two-hundred day simple moving average of $250.72. The stock has a market cap of $59.13 billion, a P/E ratio of 26.36, a price-to-earnings-growth ratio of 1.33 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, analysts forecast that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s payout ratio is presently 47.80%.

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.