Inspire Investing LLC Buys 5,638 Shares of Targa Resources, Inc. $TRGP

Inspire Investing LLC increased its stake in Targa Resources, Inc. (NYSE:TRGP) by 15.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,115 shares of the pipeline company’s stock after purchasing an additional 5,638 shares during the quarter. Inspire Investing LLC’s holdings in Targa Resources were worth $11,114,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in 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 during the period. State Street Corp boosted its position in shares of Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock worth $3,814,604,000 after buying an additional 626,885 shares during the period. Deutsche Bank AG lifted its position in shares of Targa Resources by 21.7% in the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock worth $811,190,000 after purchasing an additional 539,582 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Targa Resources by 28.0% in the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock worth $790,299,000 after purchasing an additional 688,598 shares in the last quarter. Finally, Amundi boosted its holdings in shares of Targa Resources by 10.8% during the second quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock worth $595,817,000 after purchasing an additional 215,915 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 4.4%

Shares of Targa Resources stock opened at $302.31 on Friday. The firm has a market cap of $64.82 billion, a price-to-earnings ratio of 28.90, a P/E/G ratio of 1.20 and a beta of 0.80. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a 52-week low of $150.00 and a 52-week high of $307.94. The stock has a 50-day simple moving average of $288.85 and a 200-day simple moving average of $271.67.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. On average, equities research analysts expect that Targa Resources, Inc. will post 11.42 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources’s dividend payout ratio (DPR) is presently 47.80%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TRGP shares. Stifel Nicolaus set a $335.00 price objective on shares of Targa Resources in a research report on Friday, October 9th. Morgan Stanley upped their price objective on shares of Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research note on Wednesday, September 16th. Mizuho increased their target price on shares of Targa Resources from $300.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, September 11th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a research note on Friday, August 7th. Finally, Barclays boosted their price target on shares of Targa Resources from $284.00 to $294.00 and gave the company an “overweight” rating in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $319.25.

Insider Buying and Selling at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at $18,079,007.16. This represents a 4.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 7,216 shares of company stock worth $2,127,634 over the last ninety days. 1.37% of the stock is currently owned by insiders.

Targa Resources Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.