SCS Capital Management LLC Acquires 82,407 Shares of Targa Resources, Inc. $TRGP

SCS Capital Management LLC grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 289.3% in the second quarter, HoldingsChannel.com reports. The fund owned 110,893 shares of the pipeline company’s stock after purchasing an additional 82,407 shares during the period. SCS Capital Management LLC’s holdings in Targa Resources were worth $19,304,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Baird Financial Group Inc. lifted its position in Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after purchasing an additional 219 shares during the last quarter. Guggenheim Capital LLC increased its holdings in shares of Targa Resources by 4.1% in the 2nd quarter. Guggenheim Capital LLC now owns 8,669 shares of the pipeline company’s stock worth $1,509,000 after buying an additional 343 shares during the last quarter. 1832 Asset Management L.P. raised its position in shares of Targa Resources by 7.8% during the 2nd quarter. 1832 Asset Management L.P. now owns 192,327 shares of the pipeline company’s stock valued at $33,480,000 after buying an additional 13,929 shares in the last quarter. Beacon Pointe Advisors LLC lifted its holdings in shares of Targa Resources by 11.0% during the 2nd quarter. Beacon Pointe Advisors LLC now owns 1,209 shares of the pipeline company’s stock worth $210,000 after acquiring an additional 120 shares during the last quarter. Finally, Schroder Investment Management Group grew its position in Targa Resources by 13.1% in the second quarter. Schroder Investment Management Group now owns 29,420 shares of the pipeline company’s stock worth $5,121,000 after acquiring an additional 3,403 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, the insider directly owned 22,139 shares in the company, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TRGP. Mizuho reduced their target price on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Scotiabank decreased their price objective on Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a report on Thursday, November 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a research report on Wednesday, October 8th. Finally, BMO Capital Markets upped their target price on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $210.57.

Targa Resources Stock Performance

Shares of TRGP stock opened at $179.93 on Friday. The company has a market capitalization of $38.62 billion, a P/E ratio of 23.93, a PEG ratio of 1.02 and a beta of 0.89. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50 day moving average price of $163.60 and a two-hundred day moving average price of $165.38.

Targa Resources (NYSE:TRGP) last issued its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. Analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were given a $1.00 dividend. The ex-dividend date was Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.2%. Targa Resources’s payout ratio is presently 53.19%.

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.