Alps Advisors Inc. Buys 5,489 Shares of Targa Resources, Inc. $TRGP

Key Points

• Alps Advisors increased its Targa Resources stake by 4.2%, buying 5,489 shares in the third quarter to hold 135,417 shares, valued at about $36.6 million.
• Targa reported quarterly EPS of $3.04 and revenue of $5.60 billion, both above analyst expectations. It declared a $1.25 quarterly dividend, equivalent to a 1.9% yield.
• Analysts’ average rating is “Buy,” with an average price target of $325.58, although shares recently fell about 2.6%.

Alps Advisors Inc. grew its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,417 shares of the pipeline company's stock after acquiring an additional 5,489 shares during the quarter. Alps Advisors Inc. owned about 0.06% of Targa Resources worth $36,605,000 as of its most recent filing with the Securities & Exchange Commission.

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

Targa Resources Stock Down 2.6%

TRGP opened at $264.65 on Friday. 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, Inc. has a fifty-two week low of $166.18 and a fifty-two week high of $316.60. The firm has a market capitalization of $56.75 billion, a P/E ratio of 23.42, a PEG ratio of 1.22 and a beta of 0.76. The company's 50-day moving average is $289.31 and its 200 day moving average is $261.35.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.30. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $4.77 billion. Research analysts expect that Targa Resources, Inc. will post 11.48 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources's dividend payout ratio (DPR) is 47.80%.

Insider Transactions at Targa Resources

In other news, Director Paul Chung sold 1,816 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the sale, the director directly owned 44,000 shares in the company, valued at $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles 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 sale, the director directly owned 62,292 shares of the company's stock, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company's stock.

Key Stories Impacting Targa Resources

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74–$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. Q3 earnings and revenue beat estimates
• Positive Sentiment: Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company’s cash-return outlook. Quarterly results and dividend outlook
• Positive Sentiment: The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. Plant expansion and Train 14 announcement
• Negative Sentiment: Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Stock movement around filing day

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Citigroup upped their price target on shares of Targa Resources from $325.00 to $338.00 and gave the company a "buy" rating in a report on Friday. Capital One Financial increased their price objective on Targa Resources from $310.00 to $335.00 and gave the company an "overweight" rating in a research report on Tuesday, September 22nd. The Goldman Sachs Group reiterated a "buy" rating and set a $322.00 price objective on shares of Targa Resources in a report on Tuesday, October 13th. BMO Capital Markets lifted their price objective on shares of Targa Resources from $303.00 to $328.00 and gave the company an "outperform" rating in a report on Wednesday, October 21st. Finally, Barclays increased their target price on Targa Resources from $284.00 to $294.00 and gave the company an "overweight" rating in a report on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating and twenty have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $325.58.

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company's services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.

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