Kings Path Partners LLC Purchases 10,071 Shares of Targa Resources, Inc. $TRGP

Kings Path Partners LLC purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,071 shares of the pipeline company’s stock, valued at approximately $2,722,000. Targa Resources comprises approximately 0.7% of Kings Path Partners LLC’s investment portfolio, making the stock its 29th biggest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Eagle Investment Management LLC raised its stake in shares of Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after buying an additional 80 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Targa Resources in the 2nd quarter valued at about $32,000. Compass Financial Management LLC acquired a new position in shares of Targa Resources in the 2nd quarter valued at about $33,000. CoreCap Advisors LLC lifted its holdings in shares of Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after buying an additional 91 shares during the period. Finally, Virtus Advisers LLC purchased a new stake in shares of Targa Resources in the second quarter worth about $35,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on TRGP shares. Morgan Stanley upped their target price on Targa Resources from $343.00 to $359.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 16th. Erste Group Bank initiated coverage on Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating for the company. JPMorgan Chase & Co. lifted their price target on Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Wolfe Research set a $335.00 price target on Targa Resources in a report on Friday, August 7th. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $340.00 price objective on shares of Targa Resources in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $319.25.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $295.91 on Thursday. The company has a market capitalization of $63.45 billion, a PE ratio of 28.29, a price-to-earnings-growth ratio of 1.21 and a beta of 0.80. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The company’s fifty day moving average price is $287.89 and its 200 day moving average price is $271.14. Targa Resources, Inc. has a 1 year low of $150.00 and a 1 year high of $307.94.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. On average, research analysts predict that Targa Resources, Inc. will post 11.41 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources’s dividend payout ratio is presently 47.80%.

Insider Activity

In related news, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares in the company, valued at $18,079,007.16. The trade was a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. The trade was a 3.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 7,216 shares of company stock worth $2,127,634 in the last ninety days. Company insiders own 1.37% of the company’s stock.

Targa Resources Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.