Van ECK Associates Corp Boosts Stake in Targa Resources, Inc. $TRGP

Van ECK Associates Corp increased its position in Targa Resources, Inc. (NYSE:TRGP) by 33.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 145,133 shares of the pipeline company’s stock after purchasing an additional 36,529 shares during the quarter. Van ECK Associates Corp’s holdings in Targa Resources were worth $38,916,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TRGP. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources in the 4th quarter worth about $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the fourth quarter worth about $30,000. Leonteq Securities AG purchased a new stake in Targa Resources in the fourth quarter worth about $31,000. Jones Financial Companies Lllp purchased a new stake in Targa Resources in the second quarter worth about $32,000. Finally, Compass Financial Management LLC bought a new position in shares of Targa Resources during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2%

NYSE:TRGP opened at $288.38 on Friday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market cap of $61.84 billion, a P/E ratio of 27.57, a P/E/G ratio of 1.37 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The firm has a 50-day simple moving average of $275.05 and a two-hundred day simple moving average of $257.11.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Analysts predict that Targa Resources, Inc. will post 11.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company 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. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s payout ratio is presently 47.80%.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction 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 sale, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TRGP. Raymond James Financial set a $335.00 target price on shares of Targa Resources in a report on Friday, August 7th. Citigroup restated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Royal Bank Of Canada raised their price objective on Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research report on Thursday. Mizuho lifted their price objective on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Truist Financial boosted their target price on Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. One 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $298.71.

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.