Quantinno Capital Management LP Purchases 6,131 Shares of Targa Resources Corp. (NYSE:TRGP)

Quantinno Capital Management LP raised its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 22.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,549 shares of the pipeline company's stock after purchasing an additional 6,131 shares during the quarter. Quantinno Capital Management LP's holdings in Targa Resources were worth $4,966,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources in the second quarter valued at $29,000. DT Investment Partners LLC bought a new stake in shares of Targa Resources in the 3rd quarter valued at about $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 valued at $30,000 after buying an additional 222 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Targa Resources during the third quarter worth about $35,000. Finally, Whittier Trust Co. bought a new position in shares of Targa Resources during the second quarter worth about $44,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TRGP. Morgan Stanley increased their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a "buy" rating and a $182.00 price objective for the company. US Capital Advisors lowered shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Barclays upped their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a research report on Tuesday, October 15th. Finally, Argus raised Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $176.50.

Targa Resources Stock Down 2.0 %

NYSE TRGP traded down $3.99 during mid-day trading on Friday, hitting $194.34. The company's stock had a trading volume of 1,497,233 shares, compared to its average volume of 1,570,280. The firm has a market capitalization of $42.38 billion, a price-to-earnings ratio of 35.14, a PEG ratio of 0.77 and a beta of 2.28. The company's 50 day simple moving average is $178.78 and its 200 day simple moving average is $150.02. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion during the quarter, compared to analysts' expectations of $4.24 billion. During the same period last year, the company earned $0.97 earnings per share. Analysts anticipate that Targa Resources Corp. will post 6.26 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.54%. The ex-dividend date was Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is presently 54.25%.

Insider Activity

In other news, Director Joe Bob Perkins sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company's stock, valued at $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company's stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 183,260 shares of company stock worth $29,661,212 over the last 90 days. 1.39% of the stock is currently owned by corporate 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.