820,971 Shares in Targa Resources, Inc. $TRGP Purchased by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board acquired a new stake in Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 820,971 shares of the pipeline company’s stock, valued at approximately $220,135,000. Targa Resources accounts for about 1.4% of Ontario Teachers Pension Plan Board’s investment portfolio, making the stock its 9th largest holding.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Targa Resources by 1.4% during the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after buying an additional 291,114 shares in the last quarter. State Street Corp boosted its stake in shares of Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after buying an additional 162,878 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after buying an additional 45,495 shares in the last quarter. Norges Bank acquired a new position in Targa Resources during the fourth quarter worth $735,758,000. Finally, Tortoise Capital Advisors L.L.C. raised its position in Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after acquiring an additional 572,562 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $298.40 on Wednesday. The firm has a market capitalization of $63.99 billion, a PE ratio of 28.53, a P/E/G ratio of 1.43 and a beta of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $305.08. The firm’s 50-day simple moving average is $270.29 and its 200 day simple moving average is $252.40. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, equities research analysts predict that Targa Resources, Inc. will post 11.01 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent analyst reports. TD Cowen raised their target price on Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 7th. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a report on Friday, May 8th. Mizuho raised their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Finally, Wells Fargo & Company increased their target price on shares of Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and an average target price of $297.18.

About Targa Resources

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.