Targa Resources Corp. (NYSE:TRGP) Shares Bought by Infrastructure Capital Advisors LLC

Infrastructure Capital Advisors LLC grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 213.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 50,365 shares of the pipeline company’s stock after acquiring an additional 34,317 shares during the quarter. Targa Resources comprises about 1.0% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 20th largest holding. Infrastructure Capital Advisors LLC’s holdings in Targa Resources were worth $7,455,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Caxton Associates LP acquired a new position in shares of Targa Resources during the second quarter valued at $2,323,000. Cetera Investment Advisers lifted its holdings in Targa Resources by 215.2% in the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after purchasing an additional 21,200 shares during the period. Braun Stacey Associates Inc. acquired a new stake in Targa Resources in the third quarter worth about $11,042,000. Metis Global Partners LLC lifted its holdings in Targa Resources by 12.7% in the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock worth $3,784,000 after purchasing an additional 2,890 shares during the period. Finally, Prospera Financial Services Inc lifted its holdings in Targa Resources by 73.3% in the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock worth $1,774,000 after purchasing an additional 5,067 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TRGP shares. Morgan Stanley upped their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. UBS Group upped their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Bank of America began coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Finally, Barclays boosted their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $176.50.

Targa Resources Price Performance

Shares of TRGP opened at $201.39 on Friday. The company has a market capitalization of $43.92 billion, a price-to-earnings ratio of 36.42, a P/E/G ratio of 0.79 and a beta of 2.24. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business’s 50-day moving average is $173.37 and its 200-day moving average is $146.40.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the company earned $0.97 EPS. Equities research analysts expect that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources’s payout ratio is 54.25%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by corporate insiders.

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.