Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Custom Index Systems LLC

Custom Index Systems LLC lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 5.6% during the second quarter, HoldingsChannel.com reports. The firm owned 4,120 shares of the pipeline company’s stock after purchasing an additional 217 shares during the period. Custom Index Systems LLC’s holdings in Targa Resources were worth $531,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blackstone Inc. grew its stake in Targa Resources by 60.4% in the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after acquiring an additional 3,554,989 shares during the last quarter. Norges Bank acquired a new stake in Targa Resources in the 4th quarter valued at about $187,123,000. Price T Rowe Associates Inc. MD grew its stake in Targa Resources by 231.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after acquiring an additional 962,073 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Targa Resources by 71.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after acquiring an additional 428,276 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in Targa Resources by 876.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 428,107 shares of the pipeline company’s stock valued at $47,944,000 after acquiring an additional 384,248 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TRGP has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Morgan Stanley raised their price target on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Barclays raised their price target on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada raised their price target on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company raised their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $140.54.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,534 shares of company stock worth $5,989,390. Company insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 2.0 %

Shares of TRGP stock opened at $146.75 on Friday. The firm has a market cap of $32.54 billion, a P/E ratio of 30.20, a PEG ratio of 1.17 and a beta of 2.26. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $152.42. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The firm’s 50-day simple moving average is $137.82 and its 200-day simple moving average is $121.93.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the prior year, the firm posted $1.44 EPS. As a group, equities analysts forecast that Targa Resources Corp. will post 5.88 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.04%. Targa Resources’s payout ratio is 61.73%.

Targa Resources Company Profile

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.