NEOS Investment Management LLC Has $47.69 Million Stake in Targa Resources, Inc. $TRGP

NEOS Investment Management LLC grew its position in Targa Resources, Inc. (NYSE:TRGP) by 43.8% during the second quarter, according to the company in its most recent 13F 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 quarter. NEOS Investment Management LLC’s holdings in Targa Resources were worth $47,694,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. AXQ Capital LP bought a new position in Targa Resources during the second quarter worth $1,085,000. Nykredit A S bought a new stake in Targa Resources during the second quarter valued at $40,897,000. Coppell Advisory Solutions LLC bought a new stake in Targa Resources during the second quarter valued at $10,205,000. XML Financial LLC grew its holdings in Targa Resources by 21.6% during the 2nd quarter. XML Financial LLC now owns 2,585 shares of the pipeline company’s stock worth $693,000 after acquiring an additional 460 shares during the period. Finally, Symphony Financial Ltd. Co. acquired a new stake in Targa Resources during the 2nd quarter worth about $312,000. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Paul Chung sold 1,816 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director directly owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles Crisp sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is owned by company insiders.

Targa Resources Trading Up 0.0%

TRGP opened at $293.51 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 company has a market cap of $62.94 billion, a P/E ratio of 28.06, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72. The company has a fifty day moving average price of $277.16 and a two-hundred day moving average price of $259.47.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate 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%. Analysts predict that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

TRGP has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price objective on Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. Wolfe Research set a $335.00 target price on Targa Resources in a research note on Friday, August 7th. TD Cowen lifted their target price on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a report on Friday, August 7th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Finally, Wells Fargo & Company boosted their price target on Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target 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.