AlTi Global Inc. Takes Position in Targa Resources, Inc. $TRGP

Key Points

• AlTi Global acquired 63,850 shares of Targa Resources during the second quarter, valued at approximately $17.1 million. Institutional investors and hedge funds collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, exceeding analyst expectations of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus estimate.
• The company maintains a quarterly dividend of $1.25, equivalent to a $5.00 annualized payout and a 1.8% yield. Analysts remain broadly positive, with a consensus “Buy” rating and an average price target of $295.35.

AlTi Global Inc. bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 63,850 shares of the pipeline company's stock, valued at approximately $17,121,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the fourth quarter valued at $27,000. Miller Capital Partners Inc. bought a new position in shares of Targa Resources in the 4th quarter valued at about $30,000. Leonteq Securities AG bought a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. CoreCap Advisors LLC increased its stake 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 worth $34,000 after purchasing an additional 91 shares during the last quarter. Finally, Godfrey Financial Associates Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth about $37,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Up 3.3%

Shares of TRGP stock opened at $275.77 on Friday. The firm has a 50 day moving average price of $269.33 and a two-hundred day moving average price of $250.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The company has a market capitalization of $59.13 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $291.04.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, analysts predict that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors 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 yield of 1.8%. Targa Resources's payout ratio is 47.80%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TRGP. Wells Fargo & Company upped their target price on shares of Targa Resources from $270.00 to $282.00 and gave the company an "overweight" rating in a report on Friday, August 7th. JPMorgan Chase & Co. lifted their price target on Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Raymond James Financial set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research note on Friday, May 8th. Finally, US Capital Advisors cut Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Targa Resources has an average rating of "Buy" and a consensus target price of $295.35.

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.

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