USA Financial Formulas Makes New Investment in Targa Resources, Inc. $TRGP

USA Financial Formulas purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,204 shares of the pipeline company’s stock, valued at approximately $596,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tidal Investments LLC grew its stake in Targa Resources by 238.0% during the 2nd quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company’s stock valued at $11,192,000 after acquiring an additional 29,390 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Targa Resources in the 2nd quarter valued at about $100,442,000. Hsbc Holdings PLC raised its holdings in Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after acquiring an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY raised its holdings in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after acquiring an additional 62,652 shares during the last quarter. Finally, Nykredit A S purchased a new position in Targa Resources in the 2nd quarter worth approximately $33,314,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other news, Director Paul W. Chung sold 1,816 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv 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 transaction of $719,208.00. Following the sale, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. This represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,216 shares of company stock worth $2,127,634 in the last ninety days. 1.37% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TRGP shares. Stifel Nicolaus set a $335.00 target price on Targa Resources in a report on Friday, October 9th. Truist Financial restated a “buy” rating and issued a $345.00 price target (up from $312.00) on shares of Targa Resources in a research report on Monday, September 21st. Capital One Financial increased their price target on Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. Erste Group Bank assumed coverage on Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. Finally, Scotiabank reiterated an “outperform” rating and set a $319.00 price objective on shares of Targa Resources in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $317.75.

Targa Resources Trading Up 4.3%

Shares of TRGP stock opened at $294.75 on Friday. The company’s 50-day moving average price is $286.24 and its 200-day moving average price is $269.99. 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 stock has a market cap of $63.20 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 1.22 and a beta of 0.80. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. As a group, equities analysts predict that Targa Resources, Inc. will post 11.38 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources’s payout ratio is presently 47.80%.

About Targa Resources

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.