Freedom Day Solutions LLC Buys New Position in Targa Resources, Inc. $TRGP

Key Points

• Freedom Day Solutions LLC acquired 9,734 Targa Resources shares worth approximately $2.63 million in the third quarter. Institutional investors collectively own 92.13% of the company.
• Wall Street remains bullish on TRGP, with one Strong Buy and 21 Buy ratings; the consensus price target is $317.75, above the stock’s reported $292.89 opening price.
• Targa reported quarterly EPS of $3.54, exceeding estimates of $2.83, and announced a quarterly dividend of $1.25, or $5.00 annualized, representing a 1.7% yield.

Freedom Day Solutions LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 9,734 shares of the pipeline company's stock, valued at approximately $2,631,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of TRGP. Bank of America Corp DE bought a new stake in Targa Resources in the second quarter worth $734,846,000. Legal & General Group Plc bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $336,575,000. Canada Pension Plan Investment Board purchased a new stake in Targa Resources in the second quarter worth $275,702,000. Hsbc Holdings PLC bought a new stake in Targa Resources in the second quarter valued at $274,660,000. Finally, Kayne Anderson Capital Advisors LP purchased a new position in Targa Resources during the 2nd quarter valued at $260,337,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In related news, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the business's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. The trade was a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,216 shares of company stock valued at $2,127,634 in the last three months. 1.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several research reports. Barclays upped their price objective on shares of Targa Resources from $284.00 to $294.00 and gave the stock an "overweight" rating in a report on Thursday, October 8th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $322.00 target price on shares of Targa Resources in a research note on Tuesday, October 13th. Stifel Nicolaus set a $335.00 price target on shares of Targa Resources in a research report on Friday, October 9th. Capital One Financial boosted their price target on shares of Targa Resources from $310.00 to $335.00 and gave the company an "overweight" rating in a research report on Tuesday, September 22nd. Finally, Wells Fargo & Company increased their price target on shares of Targa Resources from $282.00 to $324.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $317.75.

Targa Resources Price Performance

Shares of TRGP stock opened at $292.89 on Tuesday. The stock has a market cap of $62.81 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 1.22 and a beta of 0.80. The business's fifty day moving average is $286.78 and its 200 day moving average is $270.44. Targa Resources, Inc. has a twelve month low of $149.01 and a twelve month high of $307.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion during 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%. Research analysts expect that Targa Resources, Inc. will post 11.38 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources's dividend payout ratio is currently 47.80%.

Targa Resources Company Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company's services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.

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