Sei Investments Co. Increases Holdings in Targa Resources, Inc. $TRGP

Sei Investments Co. lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 23.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 169,230 shares of the pipeline company’s stock after purchasing an additional 32,432 shares during the quarter. Sei Investments Co. owned 0.08% of Targa Resources worth $42,431,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in TRGP. PNC Financial Services Group Inc. lifted its holdings in shares of Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after buying an additional 12,640 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after acquiring an additional 53,413 shares during the period. Miller Howard Investments Inc. NY grew its stake in Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after acquiring an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG grew its stake in Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after acquiring an additional 20,905 shares in the last quarter. Finally, Banque Pictet & Cie SA bought a new stake in Targa Resources during the 4th quarter worth approximately $22,919,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 0.1%

Shares of Targa Resources stock opened at $281.04 on Monday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The firm has a market cap of $60.32 billion, a PE ratio of 28.42, a PEG ratio of 1.44 and a beta of 0.71. The company has a 50 day simple moving average of $269.86 and a two-hundred day simple moving average of $242.40.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Analysts expect that Targa Resources, Inc. will post 10.76 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s payout ratio is 50.56%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TRGP shares. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research note on Friday, May 8th. US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Scotiabank increased their price objective on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Wells Fargo & Company lifted their price objective on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Finally, UBS Group reissued a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $288.00.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Company 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.