Targa Resources Corp. (NYSE:TRGP) Shares Bought by 1832 Asset Management L.P.

1832 Asset Management L.P. grew its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 611.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 157,243 shares of the pipeline company's stock after acquiring an additional 135,143 shares during the quarter. 1832 Asset Management L.P. owned about 0.07% of Targa Resources worth $20,250,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. UMB Bank n.a. boosted its stake 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 valued at $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new stake in Targa Resources in the second quarter valued at approximately $44,000. Register Financial Advisors LLC acquired a new stake in shares of Targa Resources in the first quarter valued at approximately $45,000. Quarry LP purchased a new position in shares of Targa Resources during the fourth quarter worth approximately $50,000. Finally, Rogco LP purchased a new stake in Targa Resources in the 1st quarter valued at $56,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP stock traded up $0.93 during mid-day trading on Tuesday, reaching $156.46. The stock had a trading volume of 1,914,534 shares, compared to its average volume of 1,651,468. Targa Resources Corp. has a 12-month low of $77.97 and a 12-month high of $157.68. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The business has a 50-day simple moving average of $141.42 and a 200 day simple moving average of $125.95. The company has a market cap of $34.69 billion, a P/E ratio of 32.30, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm earned $1.44 earnings per share. On average, sell-side analysts anticipate that Targa Resources Corp. will post 5.89 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources's payout ratio is currently 61.73%.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective 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. Barclays boosted their price target on Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a research report on Wednesday, July 3rd. Scotiabank increased their price objective on Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 17th. Morgan Stanley boosted their target price on Targa Resources from $134.00 to $140.00 and gave the company an "overweight" rating in a report on Monday, June 10th. Finally, Wells Fargo & Company lifted 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. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $141.77.

Insider Transactions at Targa Resources

In other news, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the sale, the insider now owns 29,603 shares of the company's stock, valued at $4,027,784.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Gerald R. Shrader sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the sale, the insider now directly owns 29,603 shares of the company's stock, valued at $4,027,784.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The disclosure for this sale can be found here. Insiders sold a total of 35,534 shares of company stock worth $4,788,590 over the last ninety days. 1.39% of the stock is currently owned by corporate insiders.

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.