Targa Resources, Inc. $TRGP Shares Bought by Amundi

Key Points

• Amundi increased its Targa Resources stake by 10.8% in the second quarter, purchasing 215,915 additional shares to own 2.22 million shares worth approximately $595.8 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, exceeding analyst estimates of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus forecast. The company also maintains a quarterly dividend of $1.25 per share, or $5.00 annualized.
• Analysts remain broadly positive, with a consensus “Buy” rating and an average price target of $301.18; several firms recently set targets between $318 and $338. Meanwhile, insiders sold 7,216 shares worth approximately $2.13 million over the past three months.

Amundi boosted its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 10.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,222,046 shares of the pipeline company's stock after purchasing an additional 215,915 shares during the period. Amundi owned approximately 1.04% of Targa Resources worth $595,817,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRGP. Hardy Reed LLC boosted its holdings 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 purchasing an additional 41 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of 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 buying an additional 45 shares during the last quarter. Premier Path Wealth Partners LLC raised its holdings in Targa Resources by 2.3% in the second quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company's stock valued at $537,000 after acquiring an additional 45 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Targa Resources by 10.5% in the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock valued at $97,000 after acquiring an additional 50 shares in the last quarter. Finally, River Wealth Advisors LLC boosted its stake in Targa Resources by 0.3% during the 2nd quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company's stock valued at $5,217,000 after acquiring an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In related news, Director Paul Chung sold 1,816 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director directly owned 44,000 shares in the company, valued at $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 is available through this hyperlink. Also, Director S Davis sold 2,400 shares of the 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 completion of the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,216 shares of company stock worth $2,127,634 in the last three months. 1.37% of the stock is owned by insiders.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $290.20 on Monday. 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, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The firm has a 50-day simple moving average of $277.51 and a 200 day simple moving average of $259.94. The company has a market cap of $62.23 billion, a PE ratio of 27.74, a P/E/G ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results 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 firm had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 11.23 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources's payout ratio is currently 47.80%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Erste Group Bank began coverage on shares of Targa Resources in a research note on Thursday, June 25th. They issued a "buy" rating on the stock. UBS Group reiterated a "buy" rating and issued a $318.00 price target on shares of Targa Resources in a research note on Thursday, July 9th. Weiss Ratings reissued a "buy (b)" rating on shares of Targa Resources in a report on Thursday, July 2nd. Royal Bank Of Canada upped their price objective on Targa Resources from $312.00 to $338.00 and gave the company an "outperform" rating in a research note on Thursday, August 27th. Finally, Raymond James Financial set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $301.18.

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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