IFM Investors Pty Ltd lifted its stake in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 104.0% during the second quarter, HoldingsChannel reports. The firm owned 61,304 shares of the pipeline company's stock after purchasing an additional 31,250 shares during the period. IFM Investors Pty Ltd's holdings in Targa Resources were worth $3,658,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in Targa Resources by 2.7% during the 4th quarter. State Street Corp now owns 6,850,674 shares of the pipeline company's stock worth $357,879,000 after acquiring an additional 178,633 shares in the last quarter. Cibc World Market Inc. grew its holdings in Targa Resources by 0.4% during the 1st quarter. Cibc World Market Inc. now owns 183,070 shares of the pipeline company's stock worth $13,816,000 after acquiring an additional 662 shares in the last quarter. Seven Eight Capital LP bought a new position in Targa Resources during the 1st quarter worth about $293,000. JustInvest LLC grew its holdings in Targa Resources by 82.9% during the 4th quarter. JustInvest LLC now owns 15,525 shares of the pipeline company's stock worth $811,000 after acquiring an additional 7,035 shares in the last quarter. Finally, Bank of Montreal Can grew its holdings in Targa Resources by 103.9% during the 1st quarter. Bank of Montreal Can now owns 281,380 shares of the pipeline company's stock worth $21,476,000 after acquiring an additional 143,410 shares in the last quarter. 87.45% of the stock is currently owned by institutional investors.
Get Targa Resources alerts:Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on TRGP. Morgan Stanley raised their price target on shares of Targa Resources from $103.00 to $105.00 and gave the company an "overweight" rating in a report on Wednesday, July 20th. The Goldman Sachs Group restated a "buy" rating and issued a $93.00 price target on shares of Targa Resources in a report on Thursday, September 8th. Mizuho raised their price target on shares of Targa Resources from $87.00 to $91.00 and gave the company a "buy" rating in a report on Tuesday, August 9th. US Capital Advisors restated a "buy" rating on shares of Targa Resources in a report on Monday, July 25th. Finally, Royal Bank of Canada raised their price target on shares of Targa Resources from $90.00 to $100.00 and gave the company an "outperform" rating in a report on Tuesday, July 12th. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $82.83.
Insider Transactions at Targa Resources
In other news, insider Regina Gregory sold 6,494 shares of the firm's stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $67.39, for a total transaction of $437,630.66. Following the sale, the insider now owns 55,592 shares of the company's stock, valued at approximately $3,746,344.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.10% of the company's stock.Targa Resources Stock Performance
TRGP opened at $59.75 on Friday. Targa Resources Corp. has a 12-month low of $46.80 and a 12-month high of $81.50. The company has a current ratio of 0.69, a quick ratio of 0.62 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $13.54 billion, a PE ratio of 67.90 and a beta of 2.43. The firm has a 50 day moving average of $67.72 and a two-hundred day moving average of $69.27.
Targa Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, August 15th. Shareholders of record on Friday, July 29th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Thursday, July 28th. Targa Resources's dividend payout ratio is presently 159.09%.
About Targa Resources
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Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.
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