Freemont Management S.A. Boosts Holdings in Targa Resources Corp. (NYSE:TRGP)

Freemont Management S.A. grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 335.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,200 shares of the pipeline company’s stock after purchasing an additional 17,100 shares during the period. Targa Resources makes up about 1.6% of Freemont Management S.A.’s portfolio, making the stock its 17th biggest holding. Freemont Management S.A.’s holdings in Targa Resources were worth $3,286,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. DT Investment Partners LLC purchased a new position in shares of Targa Resources in the third quarter worth $29,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $29,000. UMB Bank n.a. lifted its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the period. Whittier Trust Co. acquired a new position in Targa Resources in the second quarter valued at approximately $44,000. Finally, Venturi Wealth Management LLC boosted its holdings in Targa Resources by 36.1% during the third quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock worth $79,000 after buying an additional 141 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TRGP shares. Barclays lifted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Scotiabank upped their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Wells Fargo & Company raised their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Royal Bank of Canada lifted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $159.14.

Targa Resources Stock Down 0.7 %

Shares of NYSE TRGP opened at $193.03 on Thursday. The stock has a market cap of $42.09 billion, a PE ratio of 34.91, a P/E/G ratio of 0.78 and a beta of 2.24. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $197.14. The company has a 50-day moving average of $160.77 and a 200 day moving average of $139.48.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter last year, the firm earned $0.97 earnings per share. As a group, sell-side analysts predict that Targa Resources Corp. will post 6.19 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.55%. Targa Resources’s payout ratio is 54.25%.

Insider Activity

In other news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 in the last 90 days. 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.