AXQ Capital LP Makes New Investment in Targa Resources, Inc. $TRGP

Key Points

• AXQ Capital LP acquired 4,048 Targa Resources shares worth approximately $1.085 million in the second quarter. Institutional investors collectively own 92.13% of the company.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $301.18; Morgan Stanley and Jefferies recently raised their targets to $343 and $345, respectively.
• Targa reported quarterly EPS of $3.54, exceeding estimates of $2.83, and paid a quarterly dividend of $1.25, equivalent to a 1.7% annual yield. Insiders, however, sold 7,216 shares worth about $2.13 million over the past 90 days.

AXQ Capital LP acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,048 shares of the pipeline company's stock, valued at approximately $1,085,000.

Other institutional investors also recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the fourth quarter worth $27,000. Miller Capital Partners Inc. bought a new position in shares of Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the 4th quarter worth about $31,000. Jones Financial Companies Lllp bought a new stake in Targa Resources in the 2nd quarter valued at about $32,000. Finally, Compass Financial Management LLC acquired a new position in Targa Resources during the 2nd quarter valued at about $33,000. 92.13% of the stock is owned by institutional investors.

Insider Activity

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares of the company's stock, valued at $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. Insiders sold a total of 7,216 shares of company stock worth $2,127,634 over the last 90 days. 1.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on TRGP shares. Morgan Stanley raised their price target on shares of Targa Resources from $333.00 to $343.00 and gave the company an "overweight" rating in a research note on Tuesday, August 18th. Scotiabank raised their target price on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. Barclays lifted their target price on Targa Resources from $282.00 to $284.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. 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 research note on Tuesday, August 18th. Finally, Raymond James Financial set a $335.00 price target on Targa Resources in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $301.18.

Targa Resources Trading Down 1.1%

Targa Resources stock opened at $290.20 on Friday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $307.94. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The stock has a market capitalization of $62.23 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. The firm has a 50 day simple moving average of $277.51 and a 200-day simple moving average of $259.69.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping the consensus estimate of $2.83 by $0.71. The firm 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%. As a group, equities research analysts expect that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

About Targa Resources

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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