Commerce Bank bought a new position in Targa Resources, Inc. (NYSE:TRGP – Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 39,101 shares of the pipeline company’s stock, valued at approximately $10,485,000.
Several other institutional investors also recently modified their holdings of TRGP. BlackRock Inc. lifted its position in Targa Resources by 1.4% during the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after acquiring an additional 291,114 shares during the period. State Street Corp grew its holdings in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after purchasing an additional 162,878 shares during the period. Geode Capital Management LLC grew its holdings in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares during the period. Norges Bank bought a new position in shares of Targa Resources during the fourth quarter valued at approximately $735,758,000. Finally, Tortoise Capital Advisors L.L.C. increased its stake in shares of Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after purchasing an additional 572,562 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
TRGP has been the subject of several recent research reports. Scotiabank lifted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Wells Fargo & Company raised their price objective on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Truist Financial lifted their price objective on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their target price on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. One equities research 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, Targa Resources presently has an average rating of “Buy” and a consensus target price of $297.18.
Targa Resources News Summary
Here are the key news stories impacting Targa Resources this week:
- Positive Sentiment: Long-term ExxonMobil contracts strengthen growth visibility. Targa secured 20-year, fee-based agreements with ExxonMobil covering the Permian Delaware and Midland basins. The arrangements support new processing and takeaway infrastructure through 2046, potentially improving cash-flow visibility and extending Targa’s Permian growth runway. Targa Resources Secures 20-Year Deal With ExxonMobil
- Positive Sentiment: Jefferies initiated or reiterated a Buy rating. The endorsement provides additional analyst support for TRGP’s long-term growth and infrastructure outlook. Targa Resources Gets a Buy from Jefferies
- Neutral Sentiment: Higher capital spending raises execution risk. The ExxonMobil-related infrastructure buildout could create meaningful future growth, but increased 2026 spending may pressure near-term free cash flow and heighten construction and execution demands. How Targa’s ExxonMobil Deal Could Extend Its Permian Growth Runway
- Negative Sentiment: US Capital Advisors reduced multiple EPS forecasts. The firm cut estimates for late 2026, all quarters of 2027, FY2027 EPS from $11.75 to $11.05, and FY2028 EPS from $13.42 to $12.73. Although it maintained a “Moderate Buy” rating, the revisions suggest expectations for slower earnings growth.
- Negative Sentiment: Premium valuation may limit upside. TRGP is trading close to its 52-week high following an approximately 85% rally, while heavy spending and potentially moderating marketing gains have raised questions about whether the current valuation fully reflects future growth. Targa Resources’ Stock Near 52-Week High
Targa Resources Stock Up 0.3%
Shares of Targa Resources stock opened at $300.01 on Monday. 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 stock has a market capitalization of $64.33 billion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 1.43 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 50-day simple moving average of $271.98 and a two-hundred day simple moving average of $254.49.
Targa Resources (NYSE:TRGP – Get Free Report) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) 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 firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. On average, analysts anticipate that Targa Resources, Inc. will post 11.13 EPS for the current fiscal year.
Targa Resources Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. 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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