TD Waterhouse Canada Inc. Purchases 4,719 Shares of Targa Resources, Inc. $TRGP

Key Points

• TD Waterhouse Canada increased its Targa Resources position by 30.2% in the second quarter, purchasing 4,719 shares and bringing its total holdings to 20,344 shares valued at $5.25 million. Institutional investors and hedge funds collectively own 92.13% of TRGP.
• Targa Resources reported quarterly earnings of $3.54 per share, surpassing analysts’ $2.83 estimate, although revenue of $4.44 billion fell short of the $4.90 billion consensus forecast. The company also paid a quarterly dividend of $1.25 per share, equivalent to a 1.7% yield.
• Analysts maintain a favorable outlook, with the stock receiving a consensus “Buy” rating and an average price target of $301.18. TRGP recently traded at $290.20, while insiders sold 7,216 shares worth approximately $2.13 million over the past three months.

TD Waterhouse Canada Inc. grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 30.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,344 shares of the pipeline company's stock after purchasing an additional 4,719 shares during the period. TD Waterhouse Canada Inc.'s holdings in Targa Resources were worth $5,249,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TRGP. Norges Bank purchased a new position in shares of Targa Resources in the 4th quarter worth approximately $735,758,000. Bank of America Corp DE purchased a new stake in Targa Resources in the 2nd quarter worth about $734,846,000. Legal & General Group Plc purchased a new position in shares of Targa Resources in the second quarter worth about $336,575,000. Goldman Sachs Group Inc. raised its holdings in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after acquiring an additional 1,075,246 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Targa Resources during the second quarter valued at about $275,702,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.1%

TRGP stock opened at $290.20 on Monday. The business's 50-day moving average is $277.51 and its two-hundred day moving average is $259.94. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The company has a market cap of $62.23 billion, a price-to-earnings 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 released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, analysts forecast that Targa Resources, Inc. will post 11.23 earnings per share for the current 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 $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources's dividend payout ratio (DPR) is 47.80%.

Analysts Set New Price Targets

TRGP has been the subject of a number of research analyst reports. Scotiabank lifted their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a report on Tuesday, May 12th. US Capital Advisors cut shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. Erste Group Bank assumed coverage on Targa Resources in a report on Thursday, June 25th. They set a "buy" rating on the stock. TD Cowen upped their price objective on shares of Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a report on Friday, August 7th. Finally, Truist Financial raised their target price on Targa Resources from $289.00 to $312.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Targa Resources presently has a consensus rating of "Buy" and an average price target of $301.18.

Insiders Place Their Bets

In other Targa Resources news, Director Charles Crisp sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the sale, the director directly owned 62,292 shares of the company's stock, valued at $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Chung sold 1,816 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 7,216 shares of company stock valued at $2,127,634 in the last three months. Corporate insiders own 1.37% of the company's stock.

Targa Resources Company Profile

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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