Sei Investments Co. Raises Stake in Targa Resources, Inc. $TRGP

Sei Investments Co. raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 23.7% during the first quarter, Holdings Channel reports. The fund owned 169,230 shares of the pipeline company’s stock after buying an additional 32,432 shares during the period. Sei Investments Co.’s holdings in Targa Resources were worth $42,431,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TRGP. Norges Bank purchased a new stake in shares of Targa Resources in the 4th quarter valued at $735,758,000. Goldman Sachs Group Inc. grew its holdings in shares of Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Targa Resources in the 3rd quarter worth $121,426,000. Tortoise Capital Advisors L.L.C. raised its position in Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after purchasing an additional 572,562 shares during the period. Finally, UniSuper Management Pty Ltd lifted its stake in Targa Resources by 1,811.0% in the fourth quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company’s stock worth $81,980,000 after purchasing an additional 421,084 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $281.04 on Monday. The firm’s fifty day simple moving average is $269.86 and its 200 day simple moving average is $242.40. The stock has a market cap of $60.32 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $291.04.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, research analysts predict that Targa Resources, Inc. will post 10.76 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TRGP shares. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research report on Friday, May 8th. The Goldman Sachs Group lifted their price objective on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a report on Thursday, July 2nd. Scotiabank raised their price target on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company raised their price target on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $288.00.

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.