National Pension Service Sells 13,968 Shares of Targa Resources, Inc. $TRGP

National Pension Service lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 5.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 267,970 shares of the pipeline company’s stock after selling 13,968 shares during the quarter. National Pension Service owned approximately 0.12% of Targa Resources worth $71,853,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TRGP. First Eagle Investment Management LLC boosted its position in 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 buying an additional 80 shares during the period. Jones Financial Companies Lllp bought a new stake in Targa Resources in the 2nd quarter worth $32,000. Compass Financial Management LLC purchased a new position in shares of Targa Resources in the second quarter valued at about $33,000. CoreCap Advisors LLC increased its position in shares of Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 91 shares during the period. Finally, Virtus Advisers LLC bought a new position in shares of Targa Resources during the second quarter valued at about $35,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director S Davis sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the transaction, the director owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul Chung sold 1,816 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following 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. 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 in the last quarter. 1.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Stifel Nicolaus started coverage on Targa Resources in a report on Thursday. They set a “buy” rating and a $340.00 price target on the stock. Truist Financial upped their price target on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Erste Group Bank started coverage on Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. Finally, Raymond James Financial set a $335.00 price objective on Targa Resources in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $309.94.

Targa Resources Trading Down 0.6%

Shares of TRGP opened at $290.25 on Friday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The firm’s 50-day moving average price is $280.39 and its 200-day moving average price is $261.98. The firm has a market capitalization of $62.24 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released 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. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Sell-side analysts anticipate that Targa Resources, Inc. will post 11.32 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.

About Targa Resources

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.