100,998 Shares in Targa Resources, Inc. $TRGP Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 100,998 shares of the pipeline company’s stock, valued at approximately $27,082,000.

A number of other hedge funds have also added to or reduced their stakes in TRGP. BlackRock Inc. boosted its position in shares of Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after buying an additional 291,114 shares during the last quarter. State Street Corp raised its position in Targa Resources by 1.3% in the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after buying an additional 162,878 shares during the last quarter. Geode Capital Management LLC raised its position in Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after buying an additional 45,495 shares during the last quarter. Norges Bank bought a new position in Targa Resources during the 4th quarter valued at $735,758,000. Finally, Tortoise Capital Advisors L.L.C. lifted its stake in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after acquiring an additional 572,562 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Down 1.7%

Shares of NYSE:TRGP opened at $294.10 on Tuesday. The company has a market capitalization of $63.06 billion, a PE ratio of 28.12, a price-to-earnings-growth ratio of 1.43 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The business has a fifty day moving average price of $272.62 and a two-hundred day moving average price of $255.13. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Analysts forecast that Targa Resources, Inc. will post 11.13 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Barclays upped their target price on shares of Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Royal Bank Of Canada boosted their price target on shares of Targa Resources from $310.00 to $312.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $297.18.

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.