Targa Resources, Inc. $TRGP Stock Holdings Raised by Envestnet Asset Management Inc.

Key Points

• Institutional ownership increased: Envestnet Asset Management raised its Targa Resources stake by 5.8% to 756,768 shares, while hedge funds and other institutional investors collectively own 92.13% of the company.
• Quarterly results beat expectations: Targa reported earnings of $3.54 per share, exceeding the $2.83 analyst consensus, although revenue of $4.44 billion fell short of estimates. The company also pays a quarterly dividend of $1.25 per share, equivalent to a 1.8% yield.
• Analysts remain bullish: Several firms raised their price targets, with the consensus target at $317.24 and ratings averaging “Buy.” Shares opened at $282.47, near their 50-day average and below the 12-month high of $307.94.

Envestnet Asset Management Inc. increased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 756,768 shares of the pipeline company's stock after acquiring an additional 41,241 shares during the quarter. Envestnet Asset Management Inc. owned about 0.35% of Targa Resources worth $202,920,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TRGP. State Street Corp grew its position in shares of Targa Resources by 4.6% during the 2nd quarter. State Street Corp now owns 14,226,166 shares of the pipeline company's stock valued at $3,814,604,000 after purchasing an additional 626,885 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Targa Resources by 24.7% during the second quarter. The Manufacturers Life Insurance Company now owns 374,589 shares of the pipeline company's stock worth $100,442,000 after buying an additional 74,241 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in Targa Resources by 0.8% during the second quarter. Sequoia Financial Advisors LLC now owns 8,843 shares of the pipeline company's stock worth $2,371,000 after buying an additional 69 shares in the last quarter. Tidal Investments LLC increased its stake in Targa Resources by 238.0% in the 2nd quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company's stock worth $11,192,000 after acquiring an additional 29,390 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its stake in Targa Resources by 53.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 6,568 shares of the pipeline company's stock worth $1,761,000 after acquiring an additional 2,297 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Trading Down 0.2%

Shares of TRGP stock opened at $282.47 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The business has a 50-day moving average price of $282.23 and a two-hundred day moving average price of $265.29. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $307.94. The firm has a market cap of $60.57 billion, a P/E ratio of 27.01, a price-to-earnings-growth ratio of 1.33 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 the consensus estimate of $2.83 by $0.71. The business 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%. Equities analysts anticipate that Targa Resources, Inc. will post 11.32 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources's dividend payout ratio (DPR) is currently 47.80%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TRGP shares. Truist Financial reiterated a "buy" rating and set a $345.00 price target (up from $312.00) on shares of Targa Resources in a research report on Monday. Erste Group Bank assumed coverage on shares of Targa Resources in a research report on Thursday, June 25th. They issued a "buy" rating on the stock. Scotiabank raised their target price on shares of Targa Resources from $257.00 to $314.00 and gave the company an "outperform" rating in a research note on Thursday, September 10th. UBS Group reiterated a "buy" rating and set a $318.00 target price on shares of Targa Resources in a research report on Thursday, July 9th. Finally, Stifel Nicolaus started coverage on shares of Targa Resources in a research note on Thursday, September 10th. They issued a "buy" rating and a $340.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $317.24.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the company's stock in a transaction dated 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 sale, the director directly owned 62,292 shares in the company, valued at $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Paul W. Chung sold 1,816 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following 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 SEC filing for this sale provides additional information. Insiders have sold a total of 7,216 shares of company stock worth $2,127,634 in the last 90 days. 1.37% of the stock is owned by company insiders.

Targa Resources Profile

Targa Resources Corp. NYSE: TRGP is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.

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