Cynosure Group LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) in the 2nd quarter, Holdings Channel.com reports. The fund bought 2,593 shares of the pipeline company’s stock, valued at approximately $695,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its stake in shares of Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Targa Resources by 7.0% during the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY lifted its stake in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after buying an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG grew its holdings in Targa Resources by 164.1% during the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after buying an additional 20,905 shares during the last quarter. Finally, Ninety One UK Ltd grew its holdings in Targa Resources by 12.6% during the 4th quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock valued at $18,031,000 after buying an additional 10,946 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.
Analyst Upgrades and Downgrades
TRGP has been the subject of a number of analyst reports. Truist Financial boosted their price target on Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Erste Group Bank initiated coverage on Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating for the company. Jefferies Financial Group set a $324.00 target price on shares of Targa Resources in a research note on Friday, August 7th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company boosted their price objective on shares of Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $295.35.
Targa Resources Stock Up 3.3%
TRGP opened at $275.77 on Friday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The stock has a market capitalization of $59.13 billion, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. The business has a 50-day moving average of $269.33 and a two-hundred day moving average of $250.72. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04.
Targa Resources (NYSE:TRGP – Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, research analysts expect that Targa Resources, Inc. will post 11.01 earnings per share for the current year.
Targa Resources Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given 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 yield of 1.8%. Targa Resources’s dividend payout ratio is 47.80%.
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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