NEOS Investment Management LLC grew its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 43.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 177,870 shares of the pipeline company’s stock after purchasing an additional 54,196 shares during the period. NEOS Investment Management LLC owned approximately 0.08% of Targa Resources worth $47,694,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the fourth quarter valued at about $27,000. Miller Capital Partners Inc. bought a new position in shares of Targa Resources in the fourth quarter worth about $30,000. Leonteq Securities AG bought a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Jones Financial Companies Lllp acquired a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $32,000. Finally, Compass Financial Management LLC acquired a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 92.13% of the company’s stock.
Insider Transactions at Targa Resources
In other news, Director Paul Chung sold 1,816 shares of Targa Resources stock in a transaction 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 transaction, the director owned 44,000 shares in the company, valued at approximately $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director S Davis sold 2,400 shares of the business’s stock in a transaction 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 completion of the sale, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 7,216 shares of company stock worth $2,127,634. Company insiders own 1.37% of the company’s stock.
Targa Resources Stock Performance
Targa Resources stock opened at $293.51 on Friday. The business has a 50 day moving average of $277.16 and a 200-day moving average of $259.47. The company has a market capitalization of $62.94 billion, a P/E ratio of 28.06, a P/E/G ratio of 1.39 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 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 – Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 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 business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. On average, equities research analysts predict that Targa Resources, Inc. will post 11.23 earnings per share for the current year.
Targa Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s payout ratio is 47.80%.
Analyst Ratings Changes
A number of equities analysts recently issued reports on TRGP shares. Erste Group Bank initiated coverage on shares of Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating for the company. Wells Fargo & Company raised their target price on shares of Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Jefferies Financial Group upped their price target on shares of Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Finally, Raymond James Financial set a $335.00 price target on Targa Resources in a research note on Friday, August 7th. One 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 data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price of $301.18.
Targa Resources Company 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.
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