3,022 Shares in Targa Resources, Inc. $TRGP Acquired by Park Avenue Securities LLC

Park Avenue Securities LLC bought a new stake in Targa Resources, Inc. (NYSE:TRGP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,022 shares of the pipeline company’s stock, valued at approximately $506,000.

A number of other large investors also recently added to or reduced their stakes in TRGP. Vanguard Group Inc. grew its stake in shares of Targa Resources by 1.4% in the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock valued at $4,867,314,000 after buying an additional 375,939 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Targa Resources by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock valued at $1,022,222,000 after acquiring an additional 95,611 shares during the period. Norges Bank acquired a new position in Targa Resources in the 2nd quarter valued at about $708,366,000. Canada Pension Plan Investment Board increased its stake in Targa Resources by 12.0% during the second quarter. Canada Pension Plan Investment Board now owns 1,886,844 shares of the pipeline company’s stock worth $328,462,000 after purchasing an additional 201,927 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of Targa Resources by 7.2% during the second quarter. Legal & General Group Plc now owns 1,601,244 shares of the pipeline company’s stock worth $278,745,000 after purchasing an additional 107,028 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TRGP shares. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $213.00 to $218.00 and gave the company an “outperform” rating in a report on Wednesday, December 3rd. The Goldman Sachs Group restated a “buy” rating and issued a $196.00 price target on shares of Targa Resources in a research note on Monday. UBS Group reiterated a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. BMO Capital Markets boosted 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. Finally, Morgan Stanley increased their price target on Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $213.14.

Targa Resources Stock Up 1.9%

Targa Resources stock opened at $185.46 on Friday. The stock has a market cap of $39.81 billion, a PE ratio of 24.66, a P/E/G ratio of 0.88 and a beta of 0.87. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The stock’s fifty day moving average is $178.03 and its two-hundred day moving average is $168.77. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.70 billion. On average, sell-side analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 2.2%. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

Insider Activity at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider directly owned 22,139 shares in the company, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their position. The SEC filing for this sale provides additional information. 1.34% of the stock is currently owned by insiders.

Targa Resources Company 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.