Targa Resources Corp. (NYSE:TRGP) Shares Acquired by National Bank of Canada FI

National Bank of Canada FI increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 75.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 604,112 shares of the pipeline company’s stock after buying an additional 259,776 shares during the quarter. National Bank of Canada FI owned 0.28% of Targa Resources worth $89,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after buying an additional 633,589 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $72,345,000. American Century Companies Inc. increased its stake in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after buying an additional 246,762 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TRGP shares. Barclays raised their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Morgan Stanley upped their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Wells Fargo & Company boosted their price target on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus target price of $176.50.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 183,260 shares of company stock valued at $29,661,212 over the last quarter. 1.39% of the stock is owned by insiders.

Targa Resources Trading Down 2.0 %

Shares of TRGP stock opened at $194.34 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The stock has a market capitalization of $42.38 billion, a P/E ratio of 35.14, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28. The company has a 50 day moving average price of $178.78 and a 200 day moving average price of $150.02.

Targa Resources (NYSE:TRGP) last released its earnings results 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 return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the business posted $0.97 earnings per share. Equities research analysts predict that Targa Resources Corp. will post 6.26 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.54%. Targa Resources’s payout ratio is currently 54.25%.

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.