Targa Resources Corp. (NYSE:TRGP) is Merewether Investment Management LP's 7th Largest Position

Merewether Investment Management LP lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 29.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 747,693 shares of the pipeline company's stock after selling 315,600 shares during the period. Targa Resources makes up approximately 4.8% of Merewether Investment Management LP's investment portfolio, making the stock its 7th largest position. Merewether Investment Management LP owned 0.34% of Targa Resources worth $96,288,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TRGP. UMB Bank n.a. grew its holdings in shares of 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 purchasing an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new stake in shares of Targa Resources during the second quarter worth $44,000. Register Financial Advisors LLC acquired a new stake in shares of Targa Resources in the first quarter valued at $45,000. Rogco LP purchased a new position in Targa Resources in the first quarter valued at $56,000. Finally, EdgeRock Capital LLC acquired a new position in Targa Resources during the 2nd quarter worth $69,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Argus upgraded Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Scotiabank boosted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 17th. Barclays raised their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a report on Wednesday, July 3rd. Morgan Stanley lifted their price objective on shares of Targa Resources from $134.00 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, June 10th. Finally, Royal Bank of Canada increased their target price on Targa Resources from $147.00 to $153.00 and gave the company an "outperform" rating in a report on Tuesday, August 13th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of "Buy" and a consensus target price of $141.77.

Targa Resources Stock Performance

Shares of Targa Resources stock traded down $0.91 during trading on Wednesday, reaching $155.55. The company's stock had a trading volume of 888,796 shares, compared to its average volume of 1,647,637. The firm has a market cap of $34.49 billion, a PE ratio of 32.01, a P/E/G ratio of 1.23 and a beta of 2.26. The company has a 50-day moving average price of $142.28 and a two-hundred day moving average price of $126.52. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $157.68.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $4.33 billion. During the same period in the previous year, the business posted $1.44 earnings per share. On average, analysts forecast that Targa Resources Corp. will post 5.88 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.93%. Targa Resources's dividend payout ratio (DPR) is currently 61.73%.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 9,900 shares of the company's stock in a transaction that occurred on Friday, June 28th. The stock was 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 owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Targa Resources news, Director Paul W. Chung sold 916 shares of the business's stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the transaction, the director now owns 238,591 shares in the company, valued at approximately $32,531,882.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 9,900 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares of the company's stock, valued at $24,361,584.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,434 shares of company stock worth $4,775,590. 1.39% of the stock is currently owned by insiders.

Targa Resources 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.