Aviva PLC Decreases Holdings in Targa Resources, Inc. $TRGP

Aviva PLC decreased its stake in Targa Resources, Inc. (NYSE:TRGP) by 35.5% during the 2nd quarter, Holdings Channel reports. The firm owned 209,934 shares of the pipeline company’s stock after selling 115,318 shares during the quarter. Aviva PLC’s holdings in Targa Resources were worth $36,545,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TRGP. Disciplina Capital Management LLC acquired a new stake in Targa Resources in the 1st quarter worth about $46,000. Hilltop National Bank purchased a new position in shares of Targa Resources in the second quarter valued at approximately $63,000. Private Trust Co. NA boosted its stake in shares of Targa Resources by 57.1% in the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after acquiring an additional 173 shares during the last quarter. Wolff Wiese Magana LLC increased its position in shares of Targa Resources by 61.0% during the second quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock worth $84,000 after purchasing an additional 183 shares in the last quarter. Finally, Atwood & Palmer Inc. raised its stake in Targa Resources by 538.9% in the 2nd quarter. Atwood & Palmer Inc. now owns 575 shares of the pipeline company’s stock valued at $100,000 after purchasing an additional 485 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. BMO Capital Markets boosted their price target on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research report on Thursday. Cfra Research upgraded shares of Targa Resources to a “hold” rating in a report on Friday, August 8th. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Finally, Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $209.50.

Targa Resources Stock Performance

NYSE:TRGP opened at $171.81 on Monday. The company’s 50-day moving average is $161.19 and its two-hundred day moving average is $164.66. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market capitalization of $36.97 billion, a price-to-earnings ratio of 24.30, a PEG ratio of 0.91 and a beta of 1.16.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. Targa Resources’s payout ratio is currently 53.19%.

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.