47,354 Shares in Targa Resources, Inc. $TRGP Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 47,354 shares of Targa Resources in the second quarter, worth approximately $12.7 million. Institutional investors collectively own 92.13% of the company.
• Analysts maintain a broadly positive view, with a consensus “Buy” rating and an average price target of $298.71; recent targets range from $257 to $318.
• Targa reported quarterly EPS of $3.54, beating estimates of $2.83, and pays a quarterly dividend of $1.25, equivalent to a $5.00 annualized payout and a 1.7% yield.

Corient Private Wealth LP acquired a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 47,354 shares of the pipeline company's stock, valued at approximately $12,701,000.

Several other large investors have also bought and sold shares of the stock. Norges Bank bought a new stake in shares of Targa Resources in the 4th quarter valued at about $735,758,000. Bank of America Corp DE bought a new position in shares of Targa Resources during the second quarter worth about $734,846,000. Legal & General Group Plc acquired a new position in shares of Targa Resources in the second quarter worth approximately $336,575,000. Goldman Sachs Group Inc. lifted its stake 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 worth $607,023,000 after acquiring an additional 1,075,246 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in Targa Resources in the second quarter valued at approximately $275,702,000. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on TRGP shares. UBS Group reissued a "buy" rating and set a $318.00 target price on shares of Targa Resources in a research report on Thursday, July 9th. Erste Group Bank began coverage on shares of Targa Resources in a research report on Thursday, June 25th. They issued a "buy" rating on the stock. Scotiabank upped their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. Barclays increased their price objective on shares of Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, TD Cowen lifted their target price on shares of Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of "Buy" and an average target price of $298.71.

Targa Resources Trading Down 0.2%

NYSE TRGP opened at $288.38 on Friday. The business has a 50 day simple moving average of $275.05 and a 200 day simple moving average of $257.11. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94. The stock has a market capitalization of $61.84 billion, a P/E ratio of 27.57, a P/E/G ratio of 1.37 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.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly 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 for 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%. Research analysts expect that Targa Resources, Inc. will post 11.23 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. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources's payout ratio is currently 47.80%.

Insiders Place Their Bets

In related news, Director Waters S. Iv Davis sold 2,400 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at $458,195.43. The trade was a 61.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of the stock in a transaction on 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 directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.37% of the stock is 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.

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