Czech National Bank Grows Stock Position in Targa Resources, Inc. $TRGP

Czech National Bank increased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 4.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,096 shares of the pipeline company’s stock after purchasing an additional 2,635 shares during the quarter. Czech National Bank’s holdings in Targa Resources were worth $16,382,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of TRGP. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources in the fourth quarter worth approximately $30,000. Leonteq Securities AG acquired a new position in Targa Resources during the 4th quarter worth approximately $31,000. CoreCap Advisors LLC grew 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 acquiring an additional 91 shares in the last quarter. Finally, Godfrey Financial Associates Inc. purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on TRGP. Morgan Stanley reaffirmed an “overweight” rating and set a $333.00 price objective on shares of Targa Resources in a research report on Tuesday, July 21st. Barclays upped their price objective on Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research report on Friday. US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $310.00 target price on shares of Targa Resources in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $295.24.

Key Targa Resources News

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Strong Q2 earnings and guidance: Targa reported adjusted EBITDA of $1.603 billion, up 38% year over year, while EPS of $3.54 exceeded the $2.83 consensus estimate. Management now expects full-year adjusted EBITDA toward the high end of its $5.7 billion–$5.9 billion range. Reuters article
• Positive Sentiment: Volume growth and project execution: Record Permian inlet volumes, NGL transportation, fractionation and LPG exports supported results. Targa also brought its Train 11 fractionator, Delaware Express expansion and East Driver processing plant online, with East Driver starting ahead of schedule.
• Positive Sentiment: Shareholder returns and analyst support: Targa raised its quarterly dividend 25% to $1.25 per share and repurchased $80 million of stock. Wells Fargo raised its price target to $282 and assigned an “overweight” rating; TD Cowen lifted its target to $275, although it maintained a “hold” rating. Benzinga article
• Neutral Sentiment: Revenue performance was mixed: Quarterly revenue rose 4% to $4.44 billion but fell short of the $4.90 billion analyst forecast. Lower natural-gas prices and unfavorable hedge impacts limited commodity-sales growth, while higher fee-based midstream revenue helped offset the weakness.
• Negative Sentiment: Commodity and balance-sheet risks remain: Negative Waha natural-gas prices in the Permian, higher operating and depreciation expenses, approximately $19.6 billion of debt and planned 2026 growth capital spending of about $4.5 billion may concern investors. The stock’s recent decline suggests the strong earnings beat and guidance raise were not enough to overcome those concerns.

Targa Resources Stock Performance

NYSE TRGP opened at $257.25 on Friday. The company has a fifty day moving average of $268.84 and a two-hundred day moving average of $247.93. The company has a market capitalization of $55.22 billion, a PE ratio of 24.59, a P/E/G ratio of 1.36 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 73.14% and a net margin of 13.55%. As a group, analysts expect that Targa Resources, Inc. will post 10.83 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s dividend payout ratio is presently 50.56%.

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.