Targa Resources, Inc. $TRGP Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC lifted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 1.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 312,443 shares of the pipeline company’s stock after buying an additional 3,841 shares during the quarter. HighTower Advisors LLC owned approximately 0.15% of Targa Resources worth $52,347,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Targa Resources by 1.4% in the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after acquiring an additional 375,939 shares during the last quarter. Geode Capital Management LLC raised its position in shares of 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 worth $1,022,222,000 after purchasing an additional 95,611 shares during the period. Norges Bank bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $708,366,000. Canada Pension Plan Investment Board lifted its holdings in shares of Targa Resources by 12.0% in the 2nd 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 last quarter. Finally, Legal & General Group Plc boosted its position in Targa Resources by 7.2% during the 2nd quarter. Legal & General Group Plc now owns 1,601,244 shares of the pipeline company’s stock valued at $278,745,000 after purchasing an additional 107,028 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wells Fargo & Company increased their target price on Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Royal Bank Of Canada upped their target price on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $266.00 price target on shares of Targa Resources in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $213.50.

Targa Resources Stock Up 2.5%

TRGP stock opened at $223.73 on Tuesday. The firm’s 50-day moving average is $191.05 and its two-hundred day moving average is $173.89. The company has a market capitalization of $48.03 billion, a price-to-earnings ratio of 29.75, a price-to-earnings-growth ratio of 0.96 and a beta of 0.88. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $225.35. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $1.00 per share. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

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.