IFP Advisors Inc Boosts Holdings in Targa Resources Corp (TRGP)

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IFP Advisors Inc raised its position in Targa Resources Corp (NYSE:TRGP) by 6.9% during the 2nd quarter, Holdings Channel reports. The firm owned 19,679 shares of the pipeline company’s stock after acquiring an additional 1,270 shares during the quarter. IFP Advisors Inc’s holdings in Targa Resources were worth $974,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. boosted its stake in shares of Targa Resources by 1.5% during the first quarter. BlackRock Inc. now owns 12,211,608 shares of the pipeline company’s stock valued at $537,308,000 after acquiring an additional 176,251 shares during the last quarter. Tortoise Capital Advisors L.L.C. lifted its position in Targa Resources by 7.8% during the first quarter. Tortoise Capital Advisors L.L.C. now owns 7,865,095 shares of the pipeline company’s stock worth $346,064,000 after buying an additional 567,804 shares during the period. Kayne Anderson Capital Advisors LP lifted its position in Targa Resources by 3.6% during the first quarter. Kayne Anderson Capital Advisors LP now owns 7,588,261 shares of the pipeline company’s stock worth $333,873,000 after buying an additional 266,600 shares during the period. Brookfield Asset Management Inc. lifted its position in Targa Resources by 158.1% during the first quarter. Brookfield Asset Management Inc. now owns 6,702,240 shares of the pipeline company’s stock worth $294,899,000 after buying an additional 4,105,434 shares during the period. Finally, Zimmer Partners LP lifted its position in Targa Resources by 13.6% during the first quarter. Zimmer Partners LP now owns 4,527,200 shares of the pipeline company’s stock worth $199,197,000 after buying an additional 543,500 shares during the period. 91.43% of the stock is currently owned by institutional investors.

Targa Resources stock opened at $54.22 on Tuesday. The stock has a market capitalization of $12.16 billion, a PE ratio of 539.20 and a beta of 2.02. The company has a current ratio of 0.73, a quick ratio of 0.64 and a debt-to-equity ratio of 0.74. Targa Resources Corp has a 12 month low of $39.59 and a 12 month high of $54.81.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Stockholders of record on Wednesday, August 1st were issued a $0.91 dividend. The ex-dividend date of this dividend was Tuesday, July 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 6.71%. Targa Resources’s dividend payout ratio (DPR) is -846.51%.

In other news, CAO John Richard Klein sold 2,092 shares of the stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total value of $111,963.84. Following the completion of the sale, the chief accounting officer now owns 24,972 shares in the company, valued at $1,336,501.44. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.76% of the company’s stock.

TRGP has been the topic of several recent analyst reports. SunTrust Banks initiated coverage on Targa Resources in a research report on Thursday, July 12th. They set a “hold” rating and a $53.00 target price on the stock. Wolfe Research initiated coverage on Targa Resources in a research report on Monday, July 16th. They set a “peer perform” rating on the stock. BMO Capital Markets reiterated a “hold” rating and set a $54.00 target price on shares of Targa Resources in a research report on Friday, July 13th. Robert W. Baird reiterated a “buy” rating and set a $58.00 target price on shares of Targa Resources in a research report on Monday, April 23rd. Finally, Morgan Stanley increased their target price on Targa Resources from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Friday. Twelve research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Targa Resources presently has an average rating of “Hold” and an average target price of $55.71.

Targa Resources Company Profile

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

Further Reading: Growth Stocks

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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