Targa Resources, Inc. $TRGP Stock Holdings Raised by SCP Investment LP

SCP Investment LP lifted its stake in Targa Resources, Inc. (NYSE:TRGP) by 33.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,678 shares of the pipeline company’s stock after buying an additional 3,390 shares during the period. Targa Resources makes up approximately 2.1% of SCP Investment LP’s holdings, making the stock its 10th largest holding. SCP Investment LP’s holdings in Targa Resources were worth $2,524,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of TRGP. Olistico Wealth LLC purchased a new position in shares of Targa Resources in the fourth quarter worth about $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources in the fourth quarter worth about $27,000. Leonteq Securities AG purchased a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth about $37,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of Targa Resources in the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 1.7%

Shares of NYSE:TRGP opened at $263.54 on Wednesday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00. The company has a market cap of $56.57 billion, a PE ratio of 26.65, a P/E/G ratio of 1.33 and a beta of 0.72. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The stock’s 50-day moving average is $251.66 and its 200 day moving average is $217.12.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Sell-side analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is presently 50.56%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TRGP shares. Royal Bank Of Canada reiterated an “outperform” rating and issued a $281.00 price objective on shares of Targa Resources in a report on Tuesday, May 12th. TD Cowen boosted their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th. BMO Capital Markets restated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a report on Friday, February 20th. Scotiabank boosted their price target on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group boosted their price target on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. Fifteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $269.21.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the sale, the insider directly owned 197,401 shares of the company’s stock, valued at approximately $47,640,757.34. The trade was a 11.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.37% of the company’s stock.

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.