Targa Resources, Inc. $TRGP Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC increased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 22.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,006,026 shares of the pipeline company’s stock after acquiring an additional 185,716 shares during the quarter. Hsbc Holdings PLC’s holdings in Targa Resources were worth $252,247,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its holdings 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 in the last quarter. Geode Capital Management LLC raised its holdings in shares of Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after acquiring an additional 45,495 shares during the period. Norges Bank acquired a new position in shares of Targa Resources during the 4th quarter valued at about $735,758,000. Tortoise Capital Advisors L.L.C. grew its holdings in shares of Targa Resources by 20.3% in the fourth 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 purchasing an additional 572,562 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP opened at $283.39 on Friday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $285.56. The stock has a market cap of $60.83 billion, a PE ratio of 28.65, a P/E/G ratio of 1.45 and a beta of 0.71. The firm has a 50-day simple moving average of $267.82 and a two-hundred day simple moving average of $238.58. 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 (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. As a group, analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Dividend Announcement

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

Wall Street Analyst Weigh In

TRGP has been the topic of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Barclays lifted their price target on shares of Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. TD Cowen upped their price objective on Targa Resources from $245.00 to $270.00 and gave the company a “hold” rating in a report on Thursday. Finally, The Goldman Sachs Group raised their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Seventeen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $285.93.

Insider Transactions at Targa Resources

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