Rhumbline Advisers Grows Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Rhumbline Advisers lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 0.7% in the second quarter, HoldingsChannel.com reports. The firm owned 484,466 shares of the pipeline company’s stock after purchasing an additional 3,209 shares during the period. Rhumbline Advisers’ holdings in Targa Resources were worth $62,389,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. UMB Bank n.a. lifted its holdings in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the period. Spire Wealth Management lifted its stake in Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 264 shares during the period. EdgeRock Capital LLC bought a new stake in Targa Resources in the fourth quarter valued at $42,000. Whittier Trust Co. purchased a new position in Targa Resources during the 2nd quarter valued at $44,000. Finally, Register Financial Advisors LLC purchased a new position in Targa Resources during the 1st quarter valued at $45,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

TRGP stock opened at $147.15 on Thursday. The stock has a market capitalization of $32.24 billion, a PE ratio of 30.28, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. The stock’s 50 day simple moving average is $137.03 and its 200 day simple moving average is $121.21. Targa Resources Corp. has a 12-month low of $77.97 and a 12-month high of $152.42. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period last year, the company earned $1.44 EPS. As a group, research analysts forecast that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TRGP shares. Wells Fargo & Company lifted their target price on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. UBS Group increased their target price on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Barclays upped their price target on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Scotiabank increased their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley lifted their price target on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.54.

Insiders Place Their Bets

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul W. Chung sold 5,264 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $138.03, for a total transaction of $726,589.92. Following the completion of the transaction, the director now owns 232,827 shares in the company, valued at approximately $32,137,110.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,534 shares of company stock valued at $5,989,390. Company insiders own 1.39% of the company’s stock.

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.