Targa Resources, Inc. $TRGP Shares Purchased by Braun Stacey Associates Inc.

Braun Stacey Associates Inc. boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 8,916.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,160 shares of the pipeline company’s stock after purchasing an additional 89,160 shares during the quarter. Braun Stacey Associates Inc.’s holdings in Targa Resources were worth $24,176,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources in the fourth quarter worth $27,000. Miller Capital Partners Inc. bought a new position in Targa Resources during the 4th quarter valued at $30,000. Leonteq Securities AG bought a new position in Targa Resources during the 4th quarter valued at $31,000. Jones Financial Companies Lllp acquired a new position in Targa Resources during the 2nd quarter worth $32,000. Finally, Compass Financial Management LLC acquired a new position in Targa Resources during the 2nd quarter worth $33,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TRGP. Morgan Stanley upped their target price on shares of Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. TD Cowen lifted their price target on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. UBS Group reissued a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a report on Thursday, July 9th. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Finally, Scotiabank increased their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $298.71.

Targa Resources Stock Down 0.2%

TRGP stock opened at $288.38 on Friday. The firm has a market cap of $61.84 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The firm has a fifty day moving average price of $275.05 and a two-hundred day moving average price of $257.11. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $4.90 billion. Research analysts predict that Targa Resources, Inc. will post 11.2 EPS 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 paid a dividend of $1.25 per share. The ex-dividend date 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%.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the firm’s stock in a transaction dated 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 owned 1,529 shares of the company’s stock, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction that occurred 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 transaction, the director owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.37% of the company’s stock.

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.