DnB Asset Management AS Acquires New Stake in Targa Resources Corp. (NYSE:TRGP)

DnB Asset Management AS acquired a new stake in Targa Resources Corp. (NYSE:TRGPGet Rating) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,389 shares of the pipeline company’s stock, valued at approximately $1,873,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Quadrant Capital Group LLC grew its holdings in Targa Resources by 2.0% during the 1st quarter. Quadrant Capital Group LLC now owns 8,085 shares of the pipeline company’s stock worth $610,000 after acquiring an additional 162 shares during the period. Veritable L.P. grew its holdings in Targa Resources by 4.4% during the 1st quarter. Veritable L.P. now owns 4,343 shares of the pipeline company’s stock worth $328,000 after acquiring an additional 185 shares during the period. Moneta Group Investment Advisors LLC grew its holdings in Targa Resources by 0.8% during the 1st quarter. Moneta Group Investment Advisors LLC now owns 23,890 shares of the pipeline company’s stock worth $1,803,000 after acquiring an additional 192 shares during the period. National Asset Management Inc. grew its holdings in Targa Resources by 2.4% during the 1st quarter. National Asset Management Inc. now owns 8,175 shares of the pipeline company’s stock worth $617,000 after acquiring an additional 193 shares during the period. Finally, TCI Wealth Advisors Inc. boosted its position in shares of Targa Resources by 47.4% during the 1st quarter. TCI Wealth Advisors Inc. now owns 628 shares of the pipeline company’s stock worth $47,000 after purchasing an additional 202 shares in the last quarter. 87.45% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Targa Resources stock opened at $66.89 on Thursday. Targa Resources Corp. has a 52 week low of $45.37 and a 52 week high of $81.50. The company’s 50 day moving average price is $67.39 and its two-hundred day moving average price is $69.36. The company has a quick ratio of 0.62, a current ratio of 0.69 and a debt-to-equity ratio of 1.60. The stock has a market cap of $15.15 billion, a P/E ratio of 76.07 and a beta of 2.43.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 15th. Shareholders of record on Friday, July 29th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, July 28th. This represents a $1.40 annualized dividend and a dividend yield of 2.09%. Targa Resources’s dividend payout ratio is currently 159.09%.

Insiders Place Their Bets

In other Targa Resources news, insider Regina Gregory sold 6,494 shares of Targa Resources stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $67.39, for a total transaction of $437,630.66. Following the transaction, the insider now owns 55,592 shares of the company’s stock, valued at approximately $3,746,344.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TRGP. Mizuho increased their price objective on shares of Targa Resources from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Tuesday, August 9th. US Capital Advisors reissued a “buy” rating on shares of Targa Resources in a research report on Monday, July 25th. Barclays cut their price objective on shares of Targa Resources from $92.00 to $87.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. Morgan Stanley increased their price objective on shares of Targa Resources from $103.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 20th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $93.00 price objective on shares of Targa Resources in a research report on Thursday, September 8th. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Targa Resources presently has an average rating of “Buy” and an average price target of $82.83.

Targa Resources Company Profile

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Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages 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.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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