Sfmg LLC Acquires 100 Shares of Targa Resources Corp. (NYSE:TRGP)

by · The Cerbat Gem

Sfmg LLC raised its holdings in Targa Resources Corp. (NYSE:TRGP – Free Report) by 3.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,131 shares of the pipeline company’s stock after buying an additional 100 shares during the quarter. Sfmg LLC’s holdings in Targa Resources were worth $463,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Wellington Management Group LLP lifted its stake in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares during the period. Geode Capital Management LLC raised its holdings in Targa Resources by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after purchasing an additional 97,583 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Targa Resources by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock worth $197,076,000 after purchasing an additional 14,287 shares during the period. Finally, Barclays PLC boosted its stake in shares of Targa Resources by 19.5% during the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock valued at $153,124,000 after purchasing an additional 168,602 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on TRGP shares. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Stifel Nicolaus upped their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Barclays upped their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus target price of $176.50.

Read Our Latest Stock Report on Targa Resources

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock valued at $29,661,212 in the last three months. 1.44% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

Shares of TRGP opened at $186.28 on Thursday. The company has a market cap of $40.62 billion, a price-to-earnings ratio of 33.69, a P/E/G ratio of 0.77 and a beta of 2.28. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87. The business’s fifty day simple moving average is $180.92 and its two-hundred day simple moving average is $151.53.

Targa Resources (NYSE:TRGP – Get Free Report) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the business posted $0.97 earnings per share. Research analysts anticipate that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.61%. Targa Resources’s payout ratio is 54.25%.

Targa Resources Company Profile

(Free Report)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

Further Reading

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