Waldron Private Wealth LLC lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) by 28.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,864 shares of the pipeline company’s stock after selling 2,786 shares during the period. Waldron Private Wealth LLC’s holdings in Targa Resources were worth $1,855,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of TRGP. Tidal Investments LLC grew its holdings in Targa Resources by 238.0% in the 2nd quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company’s stock valued at $11,192,000 after buying an additional 29,390 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Targa Resources in the 2nd quarter worth $100,442,000. Freedom Day Solutions LLC acquired a new stake in shares of Targa Resources in the 3rd quarter worth $2,631,000. Nykredit A S purchased a new position in shares of Targa Resources during the 2nd quarter worth $33,314,000. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Targa Resources by 5.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 756,768 shares of the pipeline company’s stock worth $202,920,000 after acquiring an additional 41,241 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on TRGP. The Goldman Sachs Group reissued a “buy” rating and issued a $322.00 price objective on shares of Targa Resources in a report on Tuesday, October 13th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a research note on Friday, August 7th. Morgan Stanley boosted their target price on shares of Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a report on Wednesday, September 16th. Scotiabank reissued an “outperform” rating and issued a $319.00 price target on shares of Targa Resources in a research note on Thursday, October 15th. Finally, Mizuho increased their price target on shares of Targa Resources from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, September 11th. Two equities research analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has an average rating of “Buy” and an average target price of $325.58.
Check Out Our Latest Analysis on TRGP
Targa Resources Trading Down 2.6%
Shares of Targa Resources stock traded down $7.17 during trading hours on Friday, hitting $264.65. The company’s stock had a trading volume of 2,608,434 shares, compared to its average volume of 1,125,636. The stock has a market cap of $56.75 billion, a price-to-earnings ratio of 23.42, a P/E/G ratio of 1.22 and a beta of 0.76. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. Targa Resources, Inc. has a twelve month low of $166.18 and a twelve month high of $316.60. The firm has a fifty day moving average of $289.31 and a 200-day moving average of $261.35.
Targa Resources (NYSE:TRGP – Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.74 by $0.30. The firm had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $4.77 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Research analysts forecast that Targa Resources, Inc. will post 11.48 EPS for the current year.
Targa Resources Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders 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 1.9%. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.
Insider Buying and Selling at Targa Resources
In other news, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul W. Chung sold 1,816 shares of the 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 transaction, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. The trade was a 3.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,216 shares of company stock worth $2,127,634 over the last three months. Insiders own 1.37% of the company’s stock.
Key Stories Impacting Targa Resources
Here are the key news stories impacting Targa Resources this week:
- Positive Sentiment: Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74–$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. Q3 earnings and revenue beat estimates
- Positive Sentiment: Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company’s cash-return outlook. Quarterly results and dividend outlook
- Positive Sentiment: The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. Plant expansion and Train 14 announcement
- Negative Sentiment: Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Stock movement around filing day
Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.
The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.
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