Targa Resources, Inc. $TRGP Shares Sold by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management cut its Targa Resources position by 98.6% in the second quarter, selling 11,932 shares and retaining just 169 shares worth approximately $45,000. Institutional investors and hedge funds collectively own 92.13% of TRGP.
• Analysts remain broadly bullish: 17 analysts rate the stock a Buy and one rates it a Strong Buy, producing a consensus Buy rating and a $297.18 price target. Recent targets range as high as $312.
• Targa Resources shares opened at $301.99, near their 12-month high, after the company reported quarterly EPS of $3.54—beating estimates of $2.83. The company also paid a quarterly dividend of $1.25 per share, equivalent to a $5.00 annualized dividend and a 1.7% yield.

Meeder Asset Management Inc. reduced its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 98.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 169 shares of the pipeline company's stock after selling 11,932 shares during the period. Meeder Asset Management Inc.'s holdings in Targa Resources were worth $45,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. BlackRock Inc. increased its position 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 worth $5,586,077,000 after acquiring an additional 291,114 shares during the last quarter. State Street Corp boosted its holdings in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company's stock valued at $2,337,289,000 after purchasing an additional 162,878 shares during the last quarter. Geode Capital Management LLC grew its stake 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 valued at $1,078,497,000 after purchasing an additional 45,495 shares in the last quarter. Norges Bank acquired a new stake in Targa Resources during the 4th quarter valued at approximately $735,758,000. Finally, Tortoise Capital Advisors L.L.C. increased its holdings in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after purchasing an additional 572,562 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent analyst reports. Royal Bank Of Canada upped their target price on Targa Resources from $310.00 to $312.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Wells Fargo & Company raised their price target on shares of Targa Resources from $270.00 to $282.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. TD Cowen lifted their price target on shares of Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a research note on Friday, August 7th. Weiss Ratings restated a "buy (b)" rating on shares of Targa Resources in a research note on Thursday, July 2nd. Finally, Mizuho upped their price target on shares of Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. One investment 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 stock. According to MarketBeat, Targa Resources has an average rating of "Buy" and a consensus target price of $297.18.

Targa Resources Trading Up 1.6%

Shares of NYSE TRGP opened at $301.99 on Friday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $306.73. The company has a market cap of $64.76 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 1.44 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The stock's 50 day simple moving average is $271.43 and its 200 day simple moving average is $253.78.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Equities research analysts expect that Targa Resources, Inc. will post 11.05 EPS for the current year.

Targa Resources Announces Dividend

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

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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