Coppell Advisory Solutions LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 38,059 shares of the pipeline company's stock, valued at approximately $10,205,000. Targa Resources makes up 1.9% of Coppell Advisory Solutions LLC's portfolio, making the stock its 9th biggest position.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp purchased a new stake in shares of Targa Resources in the second quarter worth about $32,000. Compass Financial Management LLC purchased a new stake in shares of Targa Resources during the 2nd quarter valued at about $33,000. CoreCap Advisors LLC lifted its position in 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 acquiring an additional 91 shares in the last quarter. Virtus Advisers LLC acquired a new position in Targa Resources during the 2nd quarter worth approximately $35,000. Finally, Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the 4th quarter worth approximately $27,000. 92.13% of the stock is owned by hedge funds and other institutional investors.
Targa Resources Stock Down 0.9%
Shares of Targa Resources stock opened at $293.44 on Thursday. 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 firm has a market cap of $62.92 billion, a P/E ratio of 28.05, a P/E/G ratio of 1.41 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The business has a 50-day moving average price of $276.76 and a 200 day moving average price of $258.98.
Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts' consensus estimates 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%. On average, sell-side analysts forecast that Targa Resources, Inc. will post 11.23 earnings per share for the current fiscal year.
Targa Resources Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a dividend of $1.25 per share. 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 dividend payout ratio is 47.80%.
Analyst Ratings Changes
A number of research analysts have recently commented on TRGP shares. Mizuho boosted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. 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 report on Tuesday, August 18th. Scotiabank lifted their price target on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Truist Financial lifted their price target on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Finally, Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average price target of $301.18.
Read Our Latest Research Report on Targa Resources
Insider Transactions at Targa Resources
In other news, Director Waters S. Iv Davis sold 2,400 shares of the firm'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 transaction, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources 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 transaction, the director directly owned 62,292 shares of the company's stock, valued at $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.37% of the company's stock.
Targa Resources Company Profile
(
Free Report)
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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