Targa Resources, Inc. $TRGP Shares Bought by Meeder Asset Management Inc.

Meeder Asset Management Inc. grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 12,773.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,101 shares of the pipeline company’s stock after purchasing an additional 12,007 shares during the period. Meeder Asset Management Inc.’s holdings in Targa Resources were worth $3,034,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in TRGP. Hardy Reed LLC increased its holdings in shares of Targa Resources by 1.0% in the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after purchasing an additional 41 shares in the last quarter. Hantz Financial Services Inc. grew its position in Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after buying an additional 50 shares during the period. Steward Partners Investment Advisory LLC grew its position in Targa Resources by 0.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock worth $1,376,000 after buying an additional 51 shares during the period. First Horizon Corp increased its holdings in Targa Resources by 20.1% in the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after buying an additional 57 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in Targa Resources by 4.1% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after buying an additional 60 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. UBS Group reaffirmed a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Mizuho upped their target price on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Wells Fargo & Company raised their price target on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Seventeen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $285.93.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.37% of the stock is currently owned by company insiders.

Targa Resources Price Performance

TRGP opened at $283.39 on Monday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $285.56. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company’s 50 day simple moving average is $267.82 and its 200 day simple moving average is $238.96. The stock has a market capitalization of $60.83 billion, a PE ratio of 28.65, a P/E/G ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s payout ratio is currently 50.56%.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.