CI Investments Inc. Purchases 52,022 Shares of Targa Resources, Inc. $TRGP

Key Points

• CI Investments Inc. boosted its stake in Targa Resources by 7.0% in the first quarter, buying 52,022 more shares and bringing its total holdings to 795,557 shares valued at about $199.5 million.
• Institutional interest in Targa Resources remains strong, with several large investors increasing positions and 92.13% of the stock now owned by institutional investors. However, insider activity included director Charles R. Crisp selling 10,602 shares in May.
• Targa Resources recently reported Q1 earnings that missed expectations, while also announcing a quarterly dividend of $1.25 per share payable August 14. Analysts still rate the stock a Moderate Buy with a consensus price target of $288.00.

CI Investments Inc. increased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 795,557 shares of the pipeline company's stock after purchasing an additional 52,022 shares during the quarter. Targa Resources makes up 1.0% of CI Investments Inc.'s portfolio, making the stock its 20th biggest position. CI Investments Inc. owned 0.37% of Targa Resources worth $199,470,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.37% of the company's stock.

Targa Resources Stock Down 0.7%

Shares of NYSE TRGP opened at $280.32 on Wednesday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $286.25. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a market cap of $60.17 billion, a P/E ratio of 28.34, a P/E/G ratio of 1.44 and a beta of 0.71. The firm has a 50 day moving average price of $268.90 and a 200 day moving average price of $240.32.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Announces Dividend

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

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Seaport Research Partners reissued a "neutral" rating on shares of Targa Resources in a research note on Monday, May 4th. JPMorgan Chase & Co. raised their price target on Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Jefferies Financial Group initiated coverage on Targa Resources in a research note on Thursday, June 18th. They set a "buy" rating and a $314.00 price objective for the company. Finally, Stifel Nicolaus set a $268.00 price objective on Targa Resources in a report on Friday, May 8th. Seventeen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of "Moderate Buy" and a consensus target price 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.

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