Wellington Management Group LLP Buys 1,620,253 Shares of Targa Resources, Inc. $TRGP

Wellington Management Group LLP boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 9.0% in the third quarter, HoldingsChannel reports. The firm owned 19,643,139 shares of the pipeline company’s stock after acquiring an additional 1,620,253 shares during the period. Targa Resources accounts for about 0.6% of Wellington Management Group LLP’s holdings, making the stock its 26th biggest position. Wellington Management Group LLP owned approximately 0.09% of Targa Resources worth $3,291,012,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in TRGP. Vanguard Group Inc. boosted its holdings in Targa Resources by 1.5% during the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after buying an additional 422,075 shares during the last quarter. Geode Capital Management LLC grew 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 buying an additional 95,611 shares during the period. Norges Bank acquired a new position in shares of Targa Resources during the 2nd quarter worth about $708,366,000. UBS Group AG increased its stake in shares of Targa Resources by 9.9% in the 3rd quarter. UBS Group AG now owns 2,360,311 shares of the pipeline company’s stock valued at $395,447,000 after acquiring an additional 212,887 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake 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 valued at $328,462,000 after acquiring an additional 201,927 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Trading Up 0.9%

NYSE:TRGP opened at $240.24 on Friday. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The business’s 50-day simple moving average is $210.59 and its 200-day simple moving average is $183.04. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $250.00. The stock has a market capitalization of $51.64 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 1.56 and a beta of 0.84.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. Sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed 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 of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is currently 46.57%.

Analysts Set New Price Targets

TRGP has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research note on Friday. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $242.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Citigroup increased their target price on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Stifel Nicolaus lifted their price target on shares of Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Finally, UBS Group reissued a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $241.93.

Insider Activity at Targa Resources

In related news, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total transaction of $100,798.20. Following the sale, the director directly owned 11,670 shares in the company, valued at $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Patrick J. Mcdonie sold 31,537 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the sale, the insider directly owned 305,163 shares in the company, valued at $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock valued at $24,692,134 over the last three months. Insiders own 1.34% of the company’s stock.

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.