111,741 Targa Resources, Inc. $TRGP Shares Purchased by Artemis Investment Management LLP

Key Points

• Artemis Investment Management increased its Targa Resources stake by 32.3%, purchasing 111,741 shares to own 457,261 shares valued at approximately $123.6 million. Institutional investors collectively hold 92.13% of TRGP.
• Analysts remain broadly bullish, with one Strong Buy and 18 Buy ratings. The stock has an average price target of $317.82, above its recent trading price of $290.63.
• Targa Resources reported quarterly EPS of $3.54, exceeding estimates by $0.71, and pays a quarterly dividend of $1.25 per share, or $5.00 annually, representing a 1.7% yield.

Artemis Investment Management LLP lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 32.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 457,261 shares of the pipeline company's stock after purchasing an additional 111,741 shares during the period. Artemis Investment Management LLP owned 0.21% of Targa Resources worth $123,602,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in TRGP. First Eagle Investment Management LLC boosted its holdings in shares of Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock worth $27,000 after buying an additional 80 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Targa Resources in the 2nd quarter valued at $32,000. Compass Financial Management LLC bought a new stake in shares of Targa Resources in the 2nd quarter valued at $33,000. CoreCap Advisors LLC lifted its position in shares of Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock valued at $34,000 after acquiring an additional 91 shares during the period. Finally, Virtus Advisers LLC bought a new position in Targa Resources during the second quarter worth $35,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Analysts Set New Price Targets

TRGP has been the subject of a number of research reports. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a report on Friday, August 7th. UBS Group reaffirmed a "buy" rating and issued a $318.00 target price on shares of Targa Resources in a research report on Thursday, July 9th. Jefferies Financial Group increased their price target on Targa Resources from $324.00 to $345.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Scotiabank raised their price objective on Targa Resources from $257.00 to $314.00 and gave the company an "outperform" rating in a research note on Thursday, September 10th. Finally, TD Cowen raised Targa Resources from a "hold" rating to a "buy" rating and upped their target price for the stock from $275.00 to $350.00 in a research report on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the company's stock. Based on data from MarketBeat, Targa Resources currently has an average rating of "Buy" and an average target price of $317.82.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at $18,079,007.16. The trade was a 4.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul W. Chung sold 1,816 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 7,216 shares of company stock valued at $2,127,634. Corporate insiders own 1.37% of the company's stock.

Targa Resources Stock Up 2.3%

Targa Resources stock traded up $6.67 during trading on Thursday, hitting $290.63. 461,797 shares of the company were exchanged, compared to its average volume of 1,304,476. The company has a market capitalization of $62.32 billion, a P/E ratio of 27.75, a PEG ratio of 1.35 and a beta of 0.80. The business's 50 day moving average is $282.76 and its 200 day moving average is $267.98. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last issued 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 business had revenue of $4.44 billion for 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%. Analysts predict that Targa Resources, Inc. will post 11.32 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared 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. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources's payout ratio is 47.80%.

Targa Resources Company Profile

Targa Resources Corp. NYSE: TRGP is a Houston-based midstream energy company that owns, operates and develops infrastructure for gathering, processing, transporting, storing and exporting natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products. Its operations connect producers with domestic and international markets across key U.S. energy-producing regions.

The company's assets include natural gas gathering and processing systems, NGL pipelines, fractionation facilities, storage assets and export terminals.

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