APG Asset Management N.V. Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

APG Asset Management N.V. bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,577 shares of the pipeline company's stock, valued at approximately $1,511,000.

A number of other large investors have also recently modified their holdings of TRGP. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock worth $30,000 after buying an additional 222 shares during the last quarter. Whittier Trust Co. bought a new stake in Targa Resources in the second quarter valued at approximately $44,000. Register Financial Advisors LLC bought a new stake in Targa Resources in the first quarter valued at approximately $45,000. Rogco LP bought a new stake in Targa Resources in the first quarter valued at approximately $56,000. Finally, EdgeRock Capital LLC bought a new stake in Targa Resources in the second quarter valued at approximately $69,000. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on TRGP. Royal Bank of Canada boosted their price objective on Targa Resources from $147.00 to $153.00 and gave the company an "outperform" rating in a research report on Tuesday, August 13th. Scotiabank boosted their target price on Targa Resources from $128.00 to $142.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 17th. UBS Group boosted their target price on Targa Resources from $116.00 to $147.00 and gave the company a "buy" rating in a research note on Tuesday, June 11th. Morgan Stanley boosted their target price on Targa Resources from $134.00 to $140.00 and gave the company an "overweight" rating in a research note on Monday, June 10th. Finally, JPMorgan Chase & Co. boosted their target price on Targa Resources from $140.00 to $145.00 and gave the company an "overweight" rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $141.77.

Targa Resources Stock Up 1.7 %

TRGP stock traded up $2.57 during midday trading on Tuesday, hitting $150.58. The stock had a trading volume of 1,413,580 shares, compared to its average volume of 1,654,397. The firm has a market cap of $32.99 billion, a price-to-earnings ratio of 30.99, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. The business has a 50-day moving average of $142.90 and a two-hundred day moving average of $127.55. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $157.68. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share 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 the consensus estimate of $4.33 billion. During the same period last year, the company earned $1.44 earnings per share. As a group, equities research analysts forecast that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.99%. Targa Resources's payout ratio is presently 61.73%.

Insider Activity

In related news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares of the company's stock, valued at $6,898,969.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Paul W. Chung sold 916 shares of the stock in a transaction 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 sale, the director now directly owns 238,591 shares of the company's stock, valued at $32,531,882.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock worth $26,815,021 over the last three months. 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.