Freemont Management S.A. Increases Stock Holdings in Targa Resources, Inc. $TRGP

Freemont Management S.A. boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 30.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 26,400 shares of the pipeline company’s stock after acquiring an additional 6,200 shares during the quarter. Freemont Management S.A.’s holdings in Targa Resources were worth $4,596,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in TRGP. Nordea Investment Management AB grew its stake in shares of Targa Resources by 260.2% in the second quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after buying an additional 93,119 shares in the last quarter. Allianz Asset Management GmbH grew its position in Targa Resources by 34.2% in the 2nd quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock valued at $221,104,000 after acquiring an additional 323,398 shares in the last quarter. Aberdeen Group plc increased its stake in Targa Resources by 17.6% during the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock worth $30,563,000 after purchasing an additional 26,318 shares during the period. OFI Invest Asset Management lifted its position in shares of Targa Resources by 6.5% during the second quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock worth $42,411,000 after purchasing an additional 14,883 shares in the last quarter. Finally, Peak Financial Advisors LLC purchased a new position in shares of Targa Resources in the second quarter valued at approximately $414,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Up 1.1%

Shares of NYSE:TRGP opened at $171.81 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $36.97 billion, a PE ratio of 24.30, a P/E/G ratio of 0.91 and a beta of 1.16. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The firm has a fifty day moving average price of $161.19 and a 200 day moving average price of $164.76.

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 analysts’ consensus estimates of $2.22 by ($0.02). The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a dividend of $1.00 per share. The ex-dividend date is Friday, October 31st. This represents a $4.00 annualized dividend and a yield of 2.3%. Targa Resources’s dividend payout ratio is 56.58%.

Analyst Ratings Changes

TRGP has been the topic of a number of research reports. Wells Fargo & Company restated an “overweight” rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. BMO Capital Markets upped their price target on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday. Mizuho decreased their price target on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. One equities 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $209.50.

About Targa Resources

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.