Targa Resources, Inc. $TRGP Holdings Boosted by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 4.4% in the 3rd quarter, Holdings Channel reports. The fund owned 252,460 shares of the pipeline company’s stock after acquiring an additional 10,543 shares during the quarter. Targa Resources accounts for approximately 1.8% of Miller Howard Investments Inc. NY’s portfolio, making the stock its 12th biggest position. Miller Howard Investments Inc. NY’s holdings in Targa Resources were worth $68,243,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in TRGP. BlackRock Inc. increased its holdings in shares of Targa Resources by 1.4% in the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after purchasing an additional 291,114 shares during the period. State Street Corp raised its stake in shares of Targa Resources by 4.6% during the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock worth $3,814,604,000 after purchasing an additional 626,885 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Targa Resources by 28.0% during 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 during the last quarter. Deutsche Bank AG lifted its holdings in shares of Targa Resources by 21.7% during 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 during the period. Finally, Amundi lifted 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. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.7%

TRGP opened at $304.44 on Tuesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The business has a 50 day simple moving average of $288.57 and a 200-day simple moving average of $255.56. The stock has a market capitalization of $65.28 billion, a P/E ratio of 29.10, a P/E/G ratio of 1.25 and a beta of 0.80. Targa Resources, Inc. has a 12 month low of $150.00 and a 12 month high of $307.94.

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

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be given a $1.25 dividend. The ex-dividend date is Friday, October 30th. This represents a $5.00 annualized dividend and a yield of 1.6%. Targa Resources’s dividend payout ratio is presently 47.80%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the business’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 sale, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul W. Chung sold 1,816 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the sale, the director owned 44,000 shares in the company, valued at $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

TRGP has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research report on Wednesday, September 16th. BMO Capital Markets boosted their price objective on shares of Targa Resources from $303.00 to $328.00 and gave the company an “outperform” rating in a research note on Wednesday, October 21st. Jefferies Financial Group restated a “buy” rating and set a $326.00 price objective on shares of Targa Resources in a research report on Thursday, October 15th. Wells Fargo & Company raised their target price on shares of Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada raised their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $319.25.

Targa Resources Company 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.