Wellington Management Group LLP Has $3.80 Billion Stock Holdings in Targa Resources, Inc. $TRGP

Wellington Management Group LLP decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 5.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,176,394 shares of the pipeline company’s stock after selling 867,067 shares during the quarter. Targa Resources makes up about 0.7% of Wellington Management Group LLP’s holdings, making the stock its 22nd biggest position. Wellington Management Group LLP owned approximately 0.07% of Targa Resources worth $3,801,258,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of TRGP. BlackRock Inc. increased its position in Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after buying an additional 291,114 shares during the last quarter. State Street Corp raised its holdings in Targa Resources by 1.3% during the fourth 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after buying an additional 45,495 shares during the last quarter. Norges Bank acquired a new stake in shares of Targa Resources in the fourth quarter worth about $735,758,000. Finally, Tortoise Capital Advisors L.L.C. boosted its stake in shares of 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 worth $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.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The SEC filing for this sale provides additional information. 1.37% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $288.38 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $307.94. The company has a market cap of $61.84 billion, a P/E ratio of 27.57, a P/E/G ratio of 1.38 and a beta of 0.72. The business’s 50 day moving average is $275.05 and its two-hundred day moving average is $257.11. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, equities analysts expect that Targa Resources, Inc. will post 11.2 EPS for the current year.

Targa Resources Announces Dividend

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

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Jefferies Financial Group boosted their target price on Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Morgan Stanley upped their target price on Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 18th. US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Finally, Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $298.71.

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.