66,872 Shares in Targa Resources, Inc. $TRGP Purchased by Empowered Funds LLC

Empowered Funds LLC acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 66,872 shares of the pipeline company's stock, valued at approximately $17,931,000.

Other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its holdings in shares of Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company's stock valued at $6,421,000 after purchasing an additional 12,640 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock valued at $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY boosted its holdings in Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company's stock worth $57,816,000 after purchasing an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG boosted its holdings in Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company's stock worth $6,245,000 after purchasing an additional 20,905 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after purchasing an additional 45,495 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 0.2%

TRGP opened at $288.38 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The stock has a market cap of $61.84 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94. The company's 50-day moving average price is $275.05 and its two-hundred day moving average price is $257.11.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. As a group, equities analysts expect that Targa Resources, Inc. will post 11.2 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's dividend payout ratio is 47.80%.

Analyst Ratings Changes

Several equities research analysts have commented on TRGP shares. Mizuho increased their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. TD Cowen upped their target price on Targa Resources from $270.00 to $275.00 and gave the company a "hold" rating in a report on Friday, August 7th. JPMorgan Chase & Co. increased their price target on Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Erste Group Bank initiated coverage on Targa Resources in a report on Thursday, June 25th. They set a "buy" rating on the stock. Finally, Morgan Stanley boosted their price objective on Targa Resources from $333.00 to $343.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $298.71.

Insiders Place Their Bets

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of the company's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director directly owned 62,292 shares in the company, valued at $18,079,007.16. This represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.37% of the company's stock.

About Targa Resources

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.

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