Canada Pension Plan Investment Board Grows Stock Position in Targa Resources Corp. (NYSE:TRGP)

Canada Pension Plan Investment Board boosted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 145.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 128,200 shares of the pipeline company’s stock after buying an additional 76,000 shares during the quarter. Canada Pension Plan Investment Board owned 0.06% of Targa Resources worth $16,510,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. UMB Bank n.a. grew its holdings in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Targa Resources during the second quarter valued at approximately $44,000. Register Financial Advisors LLC purchased a new stake in shares of Targa Resources in the first quarter worth approximately $45,000. Quarry LP bought a new stake in shares of Targa Resources during the 4th quarter worth approximately $50,000. Finally, Rogco LP purchased a new position in Targa Resources during the 1st quarter valued at $56,000. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. 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.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Wells Fargo & Company upped their target price on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Royal Bank of Canada raised their target price on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Barclays boosted their price target on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. Finally, Morgan Stanley raised their price objective on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $141.77.

Targa Resources Stock Up 1.8 %

Shares of Targa Resources stock opened at $155.51 on Tuesday. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $155.78. The firm’s 50 day moving average price is $141.42 and its 200-day moving average price is $125.95. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The company has a market cap of $34.48 billion, a P/E ratio of 32.00, a PEG ratio of 1.19 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the business posted $1.44 EPS. On average, sell-side analysts predict that Targa Resources Corp. will post 5.89 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.93%. Targa Resources’s payout ratio is 61.73%.

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.