United Capital Financial Advisors LLC Takes $1.72 Million Position in Targa Resources, Inc. $TRGP

Key Points

• United Capital Financial Advisors acquired 6,401 Targa Resources shares valued at approximately $1.72 million. Institutional investors and hedge funds collectively own 92.13% of the company.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $298.71; recent targets range as high as $345.
• Targa Resources exceeded quarterly earnings expectations with EPS of $3.54 versus the $2.83 consensus, while paying a quarterly dividend of $1.25, equivalent to a 1.7% annualized yield.

United Capital Financial Advisors LLC acquired a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 6,401 shares of the pipeline company's stock, valued at approximately $1,716,000.

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TRGP. Jefferies Financial Group boosted their price target on Targa Resources from $324.00 to $345.00 and gave the company a "buy" rating in a research note on Tuesday, August 18th. TD Cowen increased their target price 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. Erste Group Bank started coverage on shares of Targa Resources in a research report on Thursday, June 25th. They set a "buy" rating for the company. UBS Group reaffirmed a "buy" rating and set a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Finally, Wolfe Research set a $335.00 price objective on Targa Resources in a report on Friday, August 7th. One 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $298.71.

Targa Resources Price Performance

TRGP stock opened at $288.38 on Friday. The company has a fifty day moving average price of $275.05 and a 200-day moving average price of $257.11. The company has a market capitalization of $61.84 billion, a P/E ratio of 27.57, a PEG ratio of 1.37 and a beta of 0.72. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-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.

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. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. As a group, equities analysts expect 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. Investors of record on Friday, July 31st were issued a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources's dividend payout ratio is presently 47.80%.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 3,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director owned 1,529 shares of the company's stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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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