Targa Resources, Inc. $TRGP Position Increased by State Street Corp

Key Points

• State Street increased its Targa Resources stake by 4.6% in the second quarter, adding 626,885 shares to own 14.23 million shares valued at approximately $3.81 billion. Institutional investors collectively own 92.13% of TRGP.
• Analysts remain bullish, with one Strong Buy and 18 Buy ratings. The consensus rating is “Buy,” with an average price target of $317.24, above the reported share price of $282.69.
• Targa reported quarterly EPS of $3.54, beating estimates of $2.83, while revenue reached $4.44 billion. The company also paid a quarterly dividend of $1.25, equivalent to a $5.00 annualized payout and a 1.8% yield.

State Street Corp raised its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,226,166 shares of the pipeline company's stock after buying an additional 626,885 shares during the period. State Street Corp owned approximately 6.63% of Targa Resources worth $3,814,604,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of TRGP. BlackRock Inc. grew 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 buying an additional 291,114 shares in the last quarter. Geode Capital Management LLC boosted its position in Targa Resources by 0.8% during 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 acquiring an additional 45,495 shares during the period. Deutsche Bank AG boosted its position in Targa Resources by 21.7% during the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company's stock worth $811,190,000 after acquiring an additional 539,582 shares during the period. Bank of America Corp DE grew its stake in Targa Resources by 28.0% during the 1st quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company's stock valued at $790,299,000 after acquiring an additional 688,598 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Targa Resources in the 4th quarter valued at about $735,758,000. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on TRGP. Mizuho raised their price target on shares of Targa Resources from $300.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, September 11th. Royal Bank Of Canada increased their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an "outperform" rating in a research report on Thursday, August 27th. Jefferies Financial Group lifted their target price on shares of Targa Resources from $324.00 to $345.00 and gave the company a "buy" rating in a research note on Tuesday, August 18th. Scotiabank boosted their price target on shares of Targa Resources from $257.00 to $314.00 and gave the company an "outperform" rating in a report on Thursday, September 10th. Finally, Barclays upped their price target on shares of Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $317.24.

Insider Transactions at Targa Resources

In other news, Director S Davis sold 2,400 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 1,529 shares of the company's stock, valued at $458,195.43. The trade was a 61.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles Crisp sold 3,000 shares of the business's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is owned by insiders.

Targa Resources Price Performance

NYSE TRGP opened at $282.69 on Wednesday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a market capitalization of $60.62 billion, a PE ratio of 27.03, a P/E/G ratio of 1.36 and a beta of 0.72. The stock has a 50-day simple moving average of $282.09 and a 200 day simple moving average of $264.67.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. The business 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%. Research analysts anticipate that Targa Resources, Inc. will post 11.32 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, July 31st. Targa Resources's payout ratio is currently 47.80%.

Targa Resources Profile

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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