Munro Partners Boosts Stock Position in Targa Resources, Inc. $TRGP

Munro Partners raised its holdings in Targa Resources, Inc. (NYSE:TRGP) by 476.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,670 shares of the pipeline company’s stock after purchasing an additional 51,805 shares during the period. Munro Partners’ holdings in Targa Resources were worth $10,500,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TRGP. Elevation Point Wealth Partners LLC bought a new stake in shares of Targa Resources in the second quarter worth $53,000. Carolina Wealth Advisors LLC acquired a new position in Targa Resources during the 3rd quarter worth $58,000. Hilltop National Bank acquired a new position in Targa Resources during the 2nd quarter worth $63,000. Kestra Investment Management LLC bought a new stake in shares of Targa Resources in the 2nd quarter worth about $70,000. Finally, Private Trust Co. NA raised its stake in shares of Targa Resources by 57.1% in the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock valued at $83,000 after purchasing an additional 173 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the transaction, the insider owned 22,139 shares in the company, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares in the company, valued at $5,356,748.81. The trade was a 8.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on TRGP shares. Royal Bank Of Canada increased their price target 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. JPMorgan Chase & Co. upped their price objective on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Scotiabank lifted their target price on Targa Resources from $198.00 to $199.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Stifel Nicolaus set a $213.00 price target on Targa Resources in a report on Thursday, November 6th. Finally, Mizuho dropped their price target on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $210.79.

Targa Resources Stock Up 1.0%

NYSE:TRGP opened at $184.54 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. The stock has a 50 day moving average of $168.45 and a 200-day moving average of $167.27. The firm has a market capitalization of $39.61 billion, a PE ratio of 24.54, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51.

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

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Friday, October 31st were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. Targa Resources’s payout ratio is 53.19%.

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.