Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 76,834 shares of the pipeline company’s stock, valued at approximately $20,769,000.
Other large investors also recently bought and sold shares of the company. First Eagle Investment Management LLC boosted its holdings in shares of Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after acquiring an additional 80 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Targa Resources during the 2nd quarter valued at $32,000. Compass Financial Management LLC bought a new stake in shares of Targa Resources during the 2nd quarter valued at about $33,000. CoreCap Advisors LLC lifted its holdings in Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after buying an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC purchased a new position in Targa Resources in the 2nd quarter valued at approximately $35,000. 92.13% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
TRGP has been the topic of several analyst reports. Truist Financial reiterated a “buy” rating and issued a $345.00 price objective (up from $312.00) on shares of Targa Resources in a research note on Monday, September 21st. Jefferies Financial Group reissued a “buy” rating and set a $326.00 target price on shares of Targa Resources in a research note on Thursday, October 15th. Raymond James Financial reissued a “strong-buy” rating and set a $340.00 target price on shares of Targa Resources in a research note on Tuesday, October 20th. UBS Group restated a “buy” rating and set a $318.00 price target (up from $305.00) on shares of Targa Resources in a report on Thursday, July 9th. Finally, Citigroup increased their price target on Targa Resources from $303.00 to $325.00 and gave the company a “buy” rating in a research report on Tuesday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $325.47.
View Our Latest Stock Report on Targa Resources
Targa Resources Price Performance
TRGP stock opened at $294.42 on Tuesday. The business has a 50 day moving average price of $290.23 and a 200 day moving average price of $259.43. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The stock has a market cap of $63.13 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 1.26 and a beta of 0.80. Targa Resources, Inc. has a fifty-two week low of $151.78 and a fifty-two week high of $316.60.
Targa Resources (NYSE:TRGP – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS 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. Equities research analysts anticipate that Targa Resources, Inc. will post 11.42 earnings per share for the current fiscal year.
Targa Resources Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources’s payout ratio is 47.80%.
Insider Buying and Selling at Targa Resources
In other news, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director owned 44,000 shares in the company, valued at $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares in the company, valued at $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is owned by insiders.
Targa Resources Profile
Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.
The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.
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