Jupiter Topco LLC Acquires Shares of 29,354 Targa Resources, Inc. $TRGP

Jupiter Topco LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 29,354 shares of the pipeline company’s stock, valued at approximately $7,867,000.

Other large investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources in the fourth quarter worth $27,000. Miller Capital Partners Inc. bought a new stake in Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the fourth quarter worth about $31,000. Jones Financial Companies Lllp acquired a new stake in Targa Resources during the second quarter worth about $32,000. Finally, Compass Financial Management LLC bought a new position in Targa Resources in the 2nd quarter valued at about $33,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the sale, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was 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 trade represents a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.37% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $288.38 on Monday. The company has a 50 day simple moving average of $275.05 and a 200 day simple moving average of $257.39. The stock has a market cap of $61.84 billion, a price-to-earnings ratio of 27.57, a P/E/G ratio of 1.37 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) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Research analysts anticipate that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

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 dividend of $1.25 per share. 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 (DPR) is 47.80%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Erste Group Bank began coverage on shares of Targa Resources in a research report on Thursday, June 25th. They issued a “buy” rating for the company. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a research note on Friday, May 8th. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Finally, US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. 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. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus 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.