Geode Capital Management LLC Increases Stock Holdings in Targa Resources, Inc. $TRGP

Geode Capital Management LLC grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,856,899 shares of the pipeline company’s stock after purchasing an additional 95,611 shares during the quarter. Geode Capital Management LLC owned approximately 2.70% of Targa Resources worth $1,022,222,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Targa Resources by 1.6% during the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock valued at $5,529,820,000 after buying an additional 423,667 shares during the period. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after acquiring an additional 962,631 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Targa Resources by 3.2% during the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after acquiring an additional 139,780 shares during the last quarter. GQG Partners LLC grew its position in shares of Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock valued at $724,560,000 after acquiring an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Targa Resources by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company’s stock worth $568,217,000 after purchasing an additional 77,999 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TRGP shares. The Goldman Sachs Group lowered their target price on Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a research report on Thursday. Royal Bank Of Canada raised their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Mizuho cut their price objective on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $209.86.

Targa Resources Stock Down 0.7%

NYSE TRGP opened at $169.30 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. 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 cap of $36.34 billion, a PE ratio of 23.95, a P/E/G ratio of 0.91 and a beta of 1.16. The stock’s 50 day moving average is $161.54 and its 200 day moving average is $164.65.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Research analysts predict 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. Shareholders of record on Friday, October 31st will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, October 31st. Targa Resources’s payout ratio is currently 53.19%.

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.