Tidal Investments LLC Increases Stake in Targa Resources, Inc. $TRGP

Key Points

• Tidal Investments increased its Targa Resources stake by 238% in the second quarter, bringing its holdings to 41,741 shares valued at approximately $11.2 million. Institutional investors collectively own 92.13% of TRGP.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $309.94; several firms recently raised their targets.
• Targa reported quarterly EPS of $3.54, exceeding estimates of $2.83, and pays a quarterly dividend of $1.25 per share, equivalent to a 1.7% annual yield.

Tidal Investments LLC raised its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 238.0% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 41,741 shares of the pipeline company's stock after purchasing an additional 29,390 shares during the quarter. Tidal Investments LLC's holdings in Targa Resources were worth $11,192,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TRGP. California State Teachers Retirement System grew its holdings in shares of Targa Resources by 37,275.4% during the second quarter. California State Teachers Retirement System now owns 93,258,824 shares of the pipeline company's stock valued at $25,006,421,000 after buying an additional 93,009,305 shares during the last quarter. Norges Bank purchased a new position in Targa Resources in the 4th quarter worth approximately $735,758,000. Bank of America Corp DE bought a new position in Targa Resources in the 2nd quarter valued at approximately $734,846,000. Legal & General Group Plc bought a new position in Targa Resources in the 2nd quarter valued at approximately $336,575,000. Finally, Goldman Sachs Group Inc. boosted its stake 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 purchasing an additional 1,075,246 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on TRGP shares. Jefferies Financial Group lifted their target price on Targa Resources from $324.00 to $345.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Wolfe Research set a $335.00 price target on Targa Resources in a report on Friday, August 7th. Scotiabank increased their price objective on Targa Resources from $257.00 to $314.00 and gave the company an "outperform" rating in a research report on Thursday. Wells Fargo & Company lifted their price objective on Targa Resources from $282.00 to $324.00 and gave the stock an "overweight" rating in a report on Wednesday, September 2nd. Finally, Erste Group Bank initiated coverage on Targa Resources in a research report on Thursday, June 25th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $309.94.

Insider Buying and Selling at Targa Resources

In related news, Director Paul W. Chung sold 1,816 shares of the firm's 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 transaction, the director owned 44,000 shares of the company's stock, valued at approximately $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the firm'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 transaction of $719,208.00. Following the completion of the transaction, 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. The SEC filing for this sale provides additional information. Insiders sold a total of 7,216 shares of company stock worth $2,127,634 in the last three months. 1.37% of the stock is currently owned by company insiders.

Targa Resources Price Performance

Shares of TRGP opened at $290.25 on Friday. The firm has a fifty day simple moving average of $280.39 and a two-hundred day simple moving average of $261.98. The firm has a market cap of $62.24 billion, a PE ratio of 27.75, a P/E/G ratio of 1.38 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. On average, equities analysts anticipate that Targa Resources, Inc. will post 11.32 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources's payout ratio is currently 47.80%.

Targa Resources Company 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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