Wellington Management Group LLP Buys 1,620,253 Shares of Targa Resources, Inc. $TRGP

Wellington Management Group LLP grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 9.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,643,139 shares of the pipeline company’s stock after purchasing an additional 1,620,253 shares during the quarter. Targa Resources comprises 0.6% of Wellington Management Group LLP’s portfolio, making the stock its 26th biggest holding. Wellington Management Group LLP owned approximately 9.15% of Targa Resources worth $3,291,012,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Targa Resources by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after acquiring an additional 422,075 shares during the period. Geode Capital Management LLC increased its position in shares of Targa Resources by 1.7% during the second quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock valued at $1,022,222,000 after purchasing an additional 95,611 shares during the period. Norges Bank acquired a new position in shares of Targa Resources in the second quarter valued at $708,366,000. UBS Group AG raised its stake in shares of Targa Resources by 9.9% in the third quarter. UBS Group AG now owns 2,360,311 shares of the pipeline company’s stock valued at $395,447,000 after purchasing an additional 212,887 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Targa Resources by 12.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,886,844 shares of the pipeline company’s stock worth $328,462,000 after purchasing an additional 201,927 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Up 0.9%

Shares of NYSE TRGP opened at $240.24 on Friday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $250.00. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The business has a fifty day moving average of $210.59 and a two-hundred day moving average of $183.04. The stock has a market cap of $51.64 billion, a PE ratio of 27.97, a PEG ratio of 1.56 and a beta of 0.84.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s payout ratio is currently 46.57%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TRGP. Wells Fargo & Company lifted their price target on shares of Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research note on Friday. Citigroup raised their price objective on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. The Goldman Sachs Group reissued a “buy” rating and issued a $242.00 target price on shares of Targa Resources in a research note on Friday, February 20th. UBS Group reissued a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. Finally, Scotiabank restated an “outperform” rating on shares of Targa Resources in a research note on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $241.93.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 1,359 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the transaction, the director directly owned 77,094 shares in the company, valued at approximately $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the sale, the insider directly owned 31,938 shares in the company, valued at $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 104,929 shares of company stock valued at $24,692,134. 1.34% of the stock is currently owned by company insiders.

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.