Recurrent Investment Advisors LLC Has $84.95 Million Holdings in Targa Resources, Inc. $TRGP

Key Points

• Recurrent Investment Advisors LLC raised its stake in Targa Resources by 16.3% in Q3 to 507,014 shares worth about $84.95 million, making TRGP its third-largest holding and about 6.5% of the fund's portfolio.
• Analysts are broadly bullish—multiple firms have raised price targets (Morgan Stanley to $298, RBC to $260) and the consensus rating is a "Moderate Buy" with an average target of $240.79.
• Targa topped EPS estimates ($2.51 vs. $2.35), pays a $1.00 quarterly dividend (annualized $4.00, ~1.7% yield), but insiders sold roughly 104,929 shares (~$24.7M) over the past three months.

Recurrent Investment Advisors LLC raised its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 16.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 507,014 shares of the pipeline company's stock after buying an additional 71,123 shares during the quarter. Targa Resources accounts for about 6.5% of Recurrent Investment Advisors LLC's investment portfolio, making the stock its 3rd largest position. Recurrent Investment Advisors LLC owned about 0.24% of Targa Resources worth $84,945,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Peoples Financial Services CORP. bought a new stake in shares of Targa Resources in the third quarter valued at approximately $34,000. Root Financial Partners LLC bought a new stake in Targa Resources in the 3rd quarter valued at $39,000. Avion Wealth boosted its holdings in Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company's stock valued at $46,000 after purchasing an additional 228 shares during the period. First Horizon Corp acquired a new stake in Targa Resources in the 3rd quarter worth $47,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Targa Resources during the 2nd quarter worth about $53,000. 92.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on TRGP shares. The Goldman Sachs Group reaffirmed a "buy" rating and set a $242.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Royal Bank Of Canada boosted their price target on Targa Resources from $218.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, February 27th. Barclays reaffirmed an "overweight" rating and issued a $226.00 price target on shares of Targa Resources in a report on Friday, February 20th. Weiss Ratings raised Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, January 29th. Finally, Morgan Stanley boosted their price objective on Targa Resources from $266.00 to $298.00 and gave the company an "overweight" rating in a research report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $240.79.

Targa Resources Stock Performance

NYSE TRGP opened at $238.43 on Friday. The stock has a market cap of $51.25 billion, a P/E ratio of 27.76, a PEG ratio of 1.55 and a beta of 0.84. The company's 50-day simple moving average is $209.52 and its 200 day simple moving average is $182.50. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $250.00. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion during the quarter, compared to analysts' expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources's dividend payout ratio (DPR) is 46.57%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, President Jennifer R. Kneale sold 29,509 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the transaction, the president directly owned 235,260 shares in the company, valued at $54,138,031.20. This represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the transaction, the insider directly owned 31,938 shares of the company's stock, valued at approximately $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock worth $24,692,134 over the last three months. 1.34% of the stock is currently owned by insiders.

Targa Resources Profile

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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