Targa Resources, Inc. $TRGP Shares Purchased by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group increased its Targa Resources stake by 147.2% in the second quarter, purchasing 89,440 additional shares and bringing its holdings to 150,217 shares valued at approximately $40.3 million.
• Targa Resources reported quarterly EPS of $3.54, exceeding the $2.83 consensus estimate, though revenue of $4.44 billion fell short of the $4.90 billion forecast. The company also maintains a $5.00 annualized dividend, yielding about 1.7%.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $298.71 versus the stock’s reported opening price of $288.38; institutional investors own 92.13% of outstanding shares.

Alyeska Investment Group L.P. increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 147.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 150,217 shares of the pipeline company's stock after purchasing an additional 89,440 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.07% of Targa Resources worth $40,279,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources in the fourth quarter worth about $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources in the 4th quarter valued at about $30,000. Leonteq Securities AG purchased a new position in Targa Resources in the 4th quarter worth approximately $31,000. Jones Financial Companies Lllp acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $32,000. Finally, Compass Financial Management LLC acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $33,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Charles R. Crisp sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares of the company's stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the sale, the director owned 1,529 shares of the company's stock, valued at $458,195.43. This trade represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.37% of the company's stock.

Targa Resources Stock Up 0.2%

TRGP stock opened at $288.38 on Monday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94. The firm has a market cap of $61.84 billion, a PE ratio of 27.57, a PEG ratio of 1.37 and a beta of 0.72. The firm's 50 day moving average price is $275.05 and its 200-day moving average price is $257.39. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, equities research analysts anticipate that Targa Resources, Inc. will post 11.23 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a 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 Ratings Changes

A number of research firms have recently issued reports on TRGP. Raymond James Financial set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. Erste Group Bank began coverage on Targa Resources in a research note on Thursday, June 25th. They set a "buy" rating on the stock. Truist Financial upped their target price on Targa Resources from $289.00 to $312.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. Finally, Barclays lifted their price target on Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price 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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