Nykredit A S Purchases New Position in Targa Resources, Inc. $TRGP

Key Points

• Nykredit A/S acquired 124,242 shares of Targa Resources in the second quarter, valued at approximately $33.3 million, giving it a 0.06% stake. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, beating analyst estimates of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus forecast.
• The company pays a quarterly dividend of $1.25 per share, equivalent to a 1.7% yield. Analysts maintain a consensus “Buy” rating with an average price target of $315.29, while insiders have sold more than $2.1 million of shares over the past 90 days.

Nykredit A S acquired a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 124,242 shares of the pipeline company's stock, valued at approximately $33,314,000. Nykredit A S owned about 0.06% of Targa Resources as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company's stock valued at $5,586,077,000 after purchasing an additional 291,114 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Deutsche Bank AG lifted its position in Targa Resources by 21.7% during the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company's stock valued at $811,190,000 after purchasing an additional 539,582 shares during the period. Bank of America Corp DE lifted its position in Targa Resources by 28.0% during the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company's stock valued at $790,299,000 after purchasing an additional 688,598 shares during the period. Finally, Norges Bank purchased a new stake in Targa Resources in the fourth quarter worth approximately $735,758,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $292.12 on Friday. The stock has a market cap of $62.64 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 1.34 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94. The firm has a fifty day moving average price of $281.86 and a 200-day moving average price of $263.89. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities analysts anticipate that Targa Resources, Inc. will post 11.32 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources's dividend payout ratio (DPR) is currently 47.80%.

Analyst Ratings Changes

TRGP has been the subject of a number of research reports. UBS Group reiterated a "buy" rating and set a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Weiss Ratings restated a "buy (b)" rating on shares of Targa Resources in a research note on Thursday, July 2nd. Raymond James Financial set a $335.00 price objective on Targa Resources in a report on Friday, August 7th. Royal Bank Of Canada upped their price objective on Targa Resources from $312.00 to $338.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Finally, Citigroup restated a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $315.29.

Insider Activity at Targa Resources

In other news, Director Paul W. Chung sold 1,816 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following the transaction, the director owned 44,000 shares of the company's stock, valued at approximately $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares of the company's stock, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is owned by company insiders.

About Targa Resources

Targa Resources Corp. NYSE: TRGP is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.

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