Kingsview Wealth Management LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) during the second quarter, Holdings Channel.com reports. The fund bought 23,490 shares of the pipeline company’s stock, valued at approximately $6,299,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in Targa Resources during the fourth quarter worth approximately $735,758,000. Bank of America Corp DE purchased a new stake in shares of Targa Resources in the second quarter valued at approximately $734,846,000. Legal & General Group Plc acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $336,575,000. Goldman Sachs Group Inc. raised its stake in shares of 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 buying an additional 1,075,246 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Targa Resources during the 2nd quarter valued at approximately $275,702,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.
Insider Buying and Selling
In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction on 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 in the company, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources 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 completion of the sale, the director owned 62,292 shares in the company, valued at $18,079,007.16. This represents a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company’s stock.
Targa Resources Price Performance
Targa Resources (NYSE:TRGP – Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating 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 analyst estimates of $4.90 billion. Sell-side analysts anticipate that Targa Resources, Inc. will post 11.2 earnings per share for the current year.
Targa Resources Dividend Announcement
The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.
Analyst Upgrades and Downgrades
TRGP has been the subject of several recent analyst reports. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Scotiabank increased their price objective 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. Erste Group Bank assumed coverage on shares of Targa Resources in a research report on Thursday, June 25th. They issued a “buy” rating on the stock. Wolfe Research set a $335.00 target price on shares of Targa Resources in a research note on Friday, August 7th. Finally, Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus target price of $298.71.
View Our Latest Research Report on Targa Resources
Targa Resources 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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