Wiley BROS. Aintree Capital LLC lowered its position in Targa Resources Corp. (NYSE:TRGP – Free Report) by 20.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,000 shares of the pipeline company’s stock after selling 2,500 shares during the period. Wiley BROS. Aintree Capital LLC’s holdings in Targa Resources were worth $761,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of TRGP. Royal London Asset Management Ltd. purchased a new position in shares of Targa Resources in the fourth quarter valued at $31,000. Quarry LP acquired a new stake in Targa Resources in the 1st quarter valued at about $33,000. International Assets Investment Management LLC purchased a new position in Targa Resources during the 1st quarter valued at about $35,000. Headlands Technologies LLC acquired a new position in Targa Resources during the first quarter worth about $36,000. Finally, BOKF NA purchased a new stake in shares of Targa Resources in the first quarter valued at about $42,000. 90.21% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
TRGP has been the subject of a number of recent research reports. Royal Bank of Canada raised their price objective on shares of Targa Resources from $104.00 to $108.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Citigroup boosted their price target on Targa Resources from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. TheStreet raised Targa Resources from a “c+” rating to a “b” rating in a research note on Tuesday, September 5th. Barclays reduced their target price on shares of Targa Resources from $92.00 to $89.00 in a report on Tuesday, July 18th. Finally, Truist Financial lifted their price target on shares of Targa Resources from $90.00 to $95.00 in a report on Friday, May 19th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $102.20.
Insider Transactions at Targa Resources
In other Targa Resources news, insider Regina Gregory sold 1,819 shares of Targa Resources stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $84.58, for a total transaction of $153,851.02. Following the transaction, the insider now directly owns 47,304 shares of the company’s stock, valued at $4,000,972.32. The sale was disclosed in a filing with the SEC, which is available at this link. In other Targa Resources news, EVP G Clark White sold 2,577 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $84.72, for a total transaction of $218,323.44. Following the transaction, the executive vice president now owns 122,865 shares in the company, valued at $10,409,122.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Regina Gregory sold 1,819 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $84.58, for a total value of $153,851.02. Following the completion of the sale, the insider now owns 47,304 shares of the company’s stock, valued at approximately $4,000,972.32. The disclosure for this sale can be found here. Insiders have sold a total of 14,610 shares of company stock worth $1,215,524 in the last three months. 1.39% of the stock is currently owned by company insiders.
Targa Resources Trading Up 0.8 %
Targa Resources stock traded up $0.67 during trading on Thursday, reaching $85.44. The company had a trading volume of 233,862 shares, compared to its average volume of 1,558,209. Targa Resources Corp. has a 12-month low of $57.23 and a 12-month high of $87.86. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.61 and a current ratio of 0.74. The stock’s 50 day moving average price is $82.59 and its two-hundred day moving average price is $76.10. The firm has a market capitalization of $19.11 billion, a price-to-earnings ratio of 23.25 and a beta of 2.27.
Targa Resources (NYSE:TRGP – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.21. The company had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $4.56 billion. Targa Resources had a net margin of 4.75% and a return on equity of 18.14%. As a group, equities analysts expect that Targa Resources Corp. will post 4.89 earnings per share for the current fiscal year.
Targa Resources Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 annualized dividend and a yield of 2.34%. Targa Resources’s dividend payout ratio is presently 54.20%.
About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.
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