Targa Resources, Inc. $TRGP Shares Newly Acquired by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC acquired 10,226 Targa Resources shares worth approximately $2.76 million during the third quarter. Institutional investors and hedge funds collectively own 92.13% of TRGP.
• Targa reported quarterly EPS of $3.54, beating analyst expectations of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus estimate.
• Analysts maintain a broadly positive outlook, with the stock carrying an average “Buy” rating and a consensus price target of $317.75. Targa also declared a $1.25 quarterly dividend, equivalent to a 1.7% annual yield.

SteelPeak Wealth LLC acquired a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,226 shares of the pipeline company's stock, valued at approximately $2,764,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. IFP Advisors Inc boosted its position in Targa Resources by 17.5% during the 3rd quarter. IFP Advisors Inc now owns 879 shares of the pipeline company's stock worth $238,000 after purchasing an additional 131 shares during the period. USA Financial Formulas acquired a new stake in Targa Resources in the 3rd quarter valued at $596,000. Vontobel Holding Ltd. increased its holdings in Targa Resources by 7.0% in the 3rd quarter. Vontobel Holding Ltd. now owns 5,983 shares of the pipeline company's stock valued at $1,617,000 after purchasing an additional 389 shares in the last quarter. Pension & Wealth Management Advisors Inc. increased its holdings in Targa Resources by 12,225.0% in the 3rd quarter. Pension & Wealth Management Advisors Inc. now owns 493 shares of the pipeline company's stock valued at $133,000 after purchasing an additional 489 shares in the last quarter. Finally, V Square Quantitative Management LLC raised its position in Targa Resources by 6.0% in the third quarter. V Square Quantitative Management LLC now owns 4,355 shares of the pipeline company's stock valued at $1,177,000 after purchasing an additional 247 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of TRGP stock opened at $294.75 on Monday. The firm has a fifty day moving average of $286.24 and a two-hundred day moving average of $270.15. The firm has a market cap of $63.20 billion, a P/E ratio of 28.18, a P/E/G ratio of 1.22 and a beta of 0.80. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

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, beating analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. As a group, research analysts anticipate that Targa Resources, Inc. will post 11.38 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research reports. Wells Fargo & Company raised their price objective on Targa Resources from $282.00 to $324.00 and gave the company an "overweight" rating in a research report on Wednesday, September 2nd. Raymond James Financial set a $335.00 target price on Targa Resources in a report on Friday, August 7th. TD Cowen raised Targa Resources from a "hold" rating to a "buy" rating and boosted their price target for the stock from $275.00 to $350.00 in a research report on Friday, September 18th. Erste Group Bank assumed coverage on Targa Resources in a research report on Thursday, June 25th. They set a "buy" rating on the stock. Finally, Wolfe Research set a $335.00 price target on Targa Resources in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $317.75.

Insider Activity at Targa Resources

In other Targa Resources news, Director Paul W. Chung sold 1,816 shares of the company's stock in a transaction that occurred 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 sale, the director owned 44,000 shares in the company, valued at $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles R. Crisp sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,216 shares of company stock valued at $2,127,634 over the last three months. 1.37% of the stock is owned by insiders.

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.

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