ING Groep NV Acquires 20,651 Shares of Targa Resources Corp. (NYSE:TRGP)

ING Groep NV grew its holdings in Targa Resources Corp. (NYSE:TRGP) by 70.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,951 shares of the pipeline company’s stock after purchasing an additional 20,651 shares during the quarter. ING Groep NV’s holdings in Targa Resources were worth $8,916,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares during the last quarter. Geode Capital Management LLC boosted its stake in Targa Resources by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after acquiring an additional 97,583 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Targa Resources by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock worth $197,076,000 after acquiring an additional 14,287 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Targa Resources by 8.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,257,613 shares of the pipeline company’s stock worth $186,139,000 after acquiring an additional 96,268 shares during the last quarter. Finally, Barclays PLC boosted its stake in Targa Resources by 19.5% during the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock worth $153,124,000 after acquiring an additional 168,602 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP opened at $200.89 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $95.88 and a 12-month high of $218.51. The company has a market capitalization of $43.81 billion, a PE ratio of 36.33, a price-to-earnings-growth ratio of 0.62 and a beta of 2.29. The firm’s 50 day moving average is $195.58 and its 200-day moving average is $175.41.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Equities research analysts anticipate that Targa Resources Corp. will post 6.36 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources’s dividend payout ratio is presently 54.25%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on TRGP shares. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Scotiabank began coverage on shares of Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price objective on the stock. Morgan Stanley raised 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. UBS Group raised their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. 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. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and an average target price of $203.77.

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.