Kings Path Partners LLC Buys 10,071 Shares of Targa Resources, Inc. $TRGP

Key Points

• Kings Path Partners LLC initiated a position in Targa Resources by purchasing 10,071 shares valued at approximately $2.72 million. Institutional investors and hedge funds collectively own 92.13% of the company.
• Targa Resources reported quarterly earnings of $3.54 per share, beating analyst expectations of $2.83, while revenue came in at $4.44 billion. Analysts expect full-year earnings of $11.41 per share.
• The company declared a quarterly dividend of $1.25 per share, or $5.00 annualized, representing a 1.7% yield. Wall Street maintains a consensus “Buy” rating with an average price target of $319.25.

Kings Path Partners LLC bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 10,071 shares of the pipeline company's stock, valued at approximately $2,722,000. Targa Resources comprises 0.7% of Kings Path Partners LLC's holdings, making the stock its 29th biggest position.

Several other hedge funds also recently added to or reduced their stakes in the business. Hardy Reed LLC raised its stake in Targa Resources by 1.0% in the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock valued at $1,083,000 after buying an additional 41 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Targa Resources by 4.1% in the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company's stock worth $307,000 after acquiring an additional 45 shares in the last quarter. Premier Path Wealth Partners LLC grew its stake in shares of Targa Resources by 2.3% during the second quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company's stock worth $537,000 after acquiring an additional 45 shares during the last quarter. River Wealth Advisors LLC grew its stake in shares of Targa Resources by 0.3% during the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company's stock worth $5,217,000 after acquiring an additional 50 shares during the last quarter. Finally, Bridgewater Advisors Inc. grew its stake in shares of Targa Resources by 2.7% during the first quarter. Bridgewater Advisors Inc. now owns 2,210 shares of the pipeline company's stock worth $520,000 after acquiring an additional 59 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of TRGP stock opened at $295.91 on Thursday. The firm has a market capitalization of $63.45 billion, a price-to-earnings ratio of 28.29, a price-to-earnings-growth ratio of 1.21 and a beta of 0.80. 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 business has a fifty day moving average of $287.89 and a 200 day moving average of $271.14. Targa Resources, Inc. has a 1 year low of $150.00 and a 1 year high of $307.94.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The business 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, research analysts expect that Targa Resources, Inc. will post 11.41 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources's dividend payout ratio (DPR) is presently 47.80%.

Insider Buying and Selling

In related news, Director Paul W. Chung sold 1,816 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles R. Crisp sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director directly owned 62,292 shares of the company's stock, valued at $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,216 shares of company stock valued at $2,127,634 over the last quarter. 1.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TRGP. Mizuho upped their price objective on shares of Targa Resources from $300.00 to $320.00 and gave the company an "outperform" rating in a report on Friday, September 11th. Weiss Ratings raised shares of Targa Resources from a "buy (b)" rating to a "buy (b+)" rating in a research report on Wednesday, October 14th. Wells Fargo & Company lifted their target price 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. Royal Bank Of Canada lifted their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Finally, Wolfe Research set a $335.00 target price on shares of Targa Resources in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company. According to data from MarketBeat, Targa Resources presently has a consensus rating of "Buy" and a consensus target price of $319.25.

About Targa Resources

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.