Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Custom Index Systems LLC

Custom Index Systems LLC lifted its holdings in Targa Resources Corp. (NYSE:TRGP) by 5.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,120 shares of the pipeline company’s stock after purchasing an additional 217 shares during the period. Custom Index Systems LLC’s holdings in Targa Resources were worth $531,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after acquiring an additional 201,817 shares in the last quarter. Blackstone Inc. grew its holdings in Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after acquiring an additional 252,729 shares in the last quarter. Norges Bank acquired a new position in Targa Resources during the 4th quarter worth approximately $187,123,000. Massachusetts Financial Services Co. MA grew its holdings in Targa Resources by 5.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,139,543 shares of the pipeline company’s stock worth $185,862,000 after acquiring an additional 115,288 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Targa Resources by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,858,920 shares of the pipeline company’s stock worth $161,479,000 after acquiring an additional 234,749 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Down 2.0 %

TRGP stock opened at $146.75 on Friday. The company has a fifty day moving average price of $137.82 and a 200 day moving average price of $121.93. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $152.42. The company has a market cap of $32.54 billion, a price-to-earnings ratio of 30.20, a price-to-earnings-growth ratio of 1.17 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm earned $1.44 EPS. Sell-side analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.04%. Targa Resources’s payout ratio is currently 61.73%.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,534 shares of company stock worth $5,989,390. 1.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on TRGP. Barclays boosted their price target on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Scotiabank upped their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. UBS Group upped their target price on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Finally, The Goldman Sachs Group upped their target price on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $140.54.

About Targa Resources

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.