Rakuten Investment Management Inc. Acquires New Position in Targa Resources, Inc. $TRGP

Key Points

• Rakuten Investment Management acquired 34,807 Targa Resources shares worth approximately $9.45 million during the second quarter. Institutional investors collectively own 92.13% of the company.
• Targa reported quarterly EPS of $3.54, beating estimates of $2.83, while revenue totaled $4.44 billion versus the $4.90 billion consensus estimate. Analysts maintain a consensus “Buy” rating with a $298.71 price target.
• TRGP shares opened at $288.38, near their 52-week high of $307.94. The company pays a $1.25 quarterly dividend, equivalent to a $5.00 annualized payout and a 1.7% yield.

Rakuten Investment Management Inc. acquired a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 34,807 shares of the pipeline company's stock, valued at approximately $9,445,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its stake in shares of Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company's stock valued at $6,421,000 after acquiring an additional 12,640 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock valued at $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY lifted its holdings in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company's stock valued at $57,816,000 after purchasing an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG boosted its stake in shares of Targa Resources by 164.1% during the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company's stock worth $6,245,000 after purchasing an additional 20,905 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after buying an additional 45,495 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Buying and Selling at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This trade represents 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 the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares in the company, valued at $18,079,007.16. The trade was a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.37% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $288.38 on Friday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The company has a 50 day moving average price of $275.05 and a 200 day moving average price of $257.11. The firm has a market capitalization of $61.84 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 1.37 and a beta of 0.72.

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, 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 net margin of 13.55% and a return on equity of 69.26%. Sell-side analysts anticipate that Targa Resources, Inc. will post 11.23 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's dividend payout ratio (DPR) is 47.80%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on shares of Targa Resources from $333.00 to $343.00 and gave the company an "overweight" rating in a research report on Tuesday, August 18th. Jefferies Financial Group raised their target price on shares of Targa Resources from $324.00 to $345.00 and gave the stock a "buy" rating in a research report on Tuesday, August 18th. Seaport Research Partners reiterated a "neutral" rating on shares of Targa Resources in a report on Monday, May 4th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research note on Friday, May 8th. Finally, TD Cowen raised their price objective on Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a report on Friday, August 7th. One 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 stock. According to MarketBeat.com, Targa Resources has a consensus rating of "Buy" and a consensus price target of $298.71.

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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