Axecap Investments LLC Takes Position in Targa Resources Corp. (NYSE:TRGP)

Axecap Investments LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 21,931 shares of the pipeline company's stock, valued at approximately $3,246,000. Targa Resources accounts for about 2.5% of Axecap Investments LLC's investment portfolio, making the stock its 15th largest position.

A number of other hedge funds also recently made changes to their positions in TRGP. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources in the second quarter worth $29,000. UMB Bank n.a. increased its stake 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 worth $30,000 after buying an additional 222 shares during the last quarter. Whittier Trust Co. bought a new stake in shares of Targa Resources in the second quarter worth $44,000. Register Financial Advisors LLC bought a new stake in shares of Targa Resources in the first quarter worth $45,000. Finally, Rogco LP bought a new stake in shares of Targa Resources in the first quarter worth $56,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

TRGP stock opened at $165.83 on Thursday. The company has a market capitalization of $36.33 billion, a P/E ratio of 34.91, a PEG ratio of 1.28 and a beta of 2.25. The company has a 50-day simple moving average of $151.99 and a 200 day simple moving average of $133.31. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $167.79. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping 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 firm had revenue of $3.56 billion for the quarter, compared to analysts' expectations of $4.33 billion. During the same period in the previous year, the business earned $1.44 earnings per share. Sell-side analysts predict that Targa Resources Corp. will post 5.92 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is presently 63.16%.

Analyst Ratings Changes

A number of analysts recently issued reports on TRGP shares. Argus upgraded shares of Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Scotiabank lifted their price objective 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. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the stock an "overweight" rating in a report on Tuesday, July 2nd. Finally, The Goldman Sachs Group boosted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a report on Thursday, September 19th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $148.36.

Insiders Place Their Bets

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the business's stock in a transaction dated 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 owns 52,257 shares in the company, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the business's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the sale, the insider now owns 29,603 shares in the company, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,534 shares of company stock worth $26,815,021. 1.39% of the stock is 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.

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