Acadian Asset Management LLC Acquires Shares of 10,727 Targa Resources Corp. (NYSE:TRGP)

Acadian Asset Management LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,727 shares of the pipeline company’s stock, valued at approximately $1,380,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. UMB Bank n.a. increased its position in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Spire Wealth Management increased its position in Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 264 shares during the last quarter. Whittier Trust Co. bought a new stake in Targa Resources in the second quarter worth $44,000. Register Financial Advisors LLC bought a new stake in Targa Resources in the first quarter worth $45,000. Finally, Rogco LP bought a new stake in Targa Resources in the first quarter worth $56,000. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now owns 29,603 shares in the company, valued at approximately $4,027,784.18. The disclosure for this sale can be found here. Insiders have sold a total of 35,534 shares of company stock worth $4,788,590 over the last 90 days. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $148.19 on Monday. The company has a market capitalization of $32.47 billion, a PE ratio of 30.49, a P/E/G ratio of 1.16 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The company has a 50-day simple moving average of $139.13 and a two-hundred day simple moving average of $123.80. Targa Resources Corp. has a one year low of $77.97 and a one year high of $152.42.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the previous year, the company posted $1.44 earnings per share. Research analysts expect that Targa Resources Corp. will post 5.89 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.02%. Targa Resources’s dividend payout ratio is presently 61.73%.

Analysts Set New Price Targets

TRGP has been the topic of a number of analyst reports. Scotiabank boosted their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. UBS Group boosted their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Finally, The Goldman Sachs Group boosted their target price on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus target price of $140.54.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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.