Van ECK Associates Corp Raises Position in Targa Resources, Inc. $TRGP

Key Points

• Van ECK Associates increased its Targa Resources position by 33.6% in the second quarter, adding 36,529 shares to hold 145,133 shares worth approximately $38.9 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, exceeding the $2.83 consensus estimate, although revenue of $4.44 billion fell short of expectations. The company maintains a quarterly dividend of $1.25 per share, equivalent to a 1.7% annualized yield.
• Analysts remain broadly positive, with a consensus “Buy” rating and a $298.71 price target. Targa shares opened at $288.38, near their 52-week high of $307.94.

Van ECK Associates Corp boosted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 33.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 145,133 shares of the pipeline company's stock after purchasing an additional 36,529 shares during the period. Van ECK Associates Corp owned approximately 0.07% of Targa Resources worth $38,916,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Targa Resources in the fourth quarter worth about $735,758,000. Bank of America Corp DE purchased a new stake in Targa Resources during the 2nd quarter valued at about $734,846,000. Legal & General Group Plc bought a new position in Targa Resources during the 2nd quarter worth approximately $336,575,000. Goldman Sachs Group Inc. grew its position 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 worth $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in Targa Resources in the 2nd quarter worth approximately $275,702,000. 92.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 3,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director owned 62,292 shares of the company's stock, valued at $18,079,007.16. This trade represents 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 Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction 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 in the company, valued at approximately $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 Trading Down 0.2%

TRGP opened at $288.38 on Friday. The business has a 50 day simple moving average of $275.05 and a two-hundred day simple moving average of $257.11. The firm has a market capitalization of $61.84 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 1.37 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94.

Targa Resources (NYSE:TRGP - Get Free Report) last released 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 business had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Analysts predict that Targa Resources, Inc. will post 11.23 EPS 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 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 dividend payout ratio is currently 47.80%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on TRGP shares. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research report on Friday, May 8th. Truist Financial raised their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. TD Cowen lifted their target price on shares of Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a research note on Friday, August 7th. Wells Fargo & Company upped their price target on shares of Targa Resources from $270.00 to $282.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Finally, Citigroup reissued a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. One investment 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target 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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