Saudi Central Bank raised its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 85.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,660 shares of the pipeline company's stock after purchasing an additional 6,737 shares during the quarter. Saudi Central Bank's holdings in Targa Resources were worth $3,931,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of TRGP. Jones Financial Companies Lllp purchased a new position in shares of Targa Resources in the 2nd quarter valued at $32,000. Compass Financial Management LLC purchased a new stake in shares of Targa Resources during the 2nd quarter valued at about $33,000. CoreCap Advisors LLC boosted its holdings in Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after acquiring an additional 91 shares during the period. Virtus Advisers LLC acquired a new stake in Targa Resources in the second quarter valued at approximately $35,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Hedge funds and other institutional investors own 92.13% of the company's stock.
Targa Resources Price Performance
Shares of NYSE:TRGP opened at $290.20 on Monday. 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, 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 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 announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 11.23 EPS for the current year.
Targa Resources Dividend Announcement
The business 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 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources's dividend payout ratio is currently 47.80%.
Insider Buying and Selling at Targa Resources
In other 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 completion of the transaction, the director directly owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the business's stock in a transaction that occurred 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 sale, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on TRGP shares. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Raymond James Financial set a $335.00 target price on Targa Resources in a research note on Friday, August 7th. Truist Financial lifted their price target on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Mizuho increased their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Finally, US Capital Advisors lowered shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. 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 company's stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of "Buy" and an average target price of $301.18.
View Our Latest Stock Report on TRGP
Targa Resources Company Profile
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Free Report)
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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