Targa Resources, Inc. $TRGP Stock Bought by Artemis Investment Management LLP

Artemis Investment Management LLP increased its stake in Targa Resources, Inc. (NYSE:TRGP) by 32.3% during the third quarter, HoldingsChannel reports. The firm owned 457,261 shares of the pipeline company’s stock after acquiring an additional 111,741 shares during the period. Artemis Investment Management LLP’s holdings in Targa Resources were worth $123,602,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of TRGP. BlackRock Inc. grew its stake in shares of Targa Resources by 1.4% during the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after acquiring an additional 291,114 shares during the period. State Street Corp raised its stake in Targa Resources by 4.6% in the 2nd quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after acquiring an additional 626,885 shares during the period. Bank of America Corp DE raised its stake in Targa Resources by 28.0% in the 1st quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after acquiring an additional 688,598 shares during the period. Deutsche Bank AG lifted its holdings in Targa Resources by 21.7% during the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock valued at $811,190,000 after purchasing an additional 539,582 shares during the last quarter. Finally, Amundi boosted its position in Targa Resources by 10.8% during the second quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock worth $595,817,000 after purchasing an additional 215,915 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, Director Paul W. Chung sold 1,816 shares of Targa Resources stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director owned 44,000 shares in the company, valued at approximately $13,028,840. This trade represents a 3.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 transaction, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,216 shares of company stock worth $2,127,634 in the last ninety days. 1.37% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Mizuho lifted their target price on shares of Targa Resources from $300.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, September 11th. Morgan Stanley lifted their price objective on shares of Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research note on Wednesday, September 16th. Truist Financial reissued a “buy” rating and set a $345.00 target price (up from $312.00) on shares of Targa Resources in a report on Monday, September 21st. Barclays raised their price target on Targa Resources from $284.00 to $294.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Wolfe Research set a $335.00 price objective on Targa Resources in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating and eighteen have given a 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 price target of $317.82.

Targa Resources Price Performance

NYSE TRGP traded up $6.67 on Thursday, hitting $290.63. The stock had a trading volume of 461,797 shares, compared to its average volume of 1,304,476. The firm has a 50-day moving average of $282.76 and a 200-day moving average of $267.98. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $307.94. The company has a market capitalization of $62.32 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 1.35 and a beta of 0.80.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion during 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%. Equities analysts expect that Targa Resources, Inc. will post 11.32 EPS for the current year.

Targa Resources Announces Dividend

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

Targa Resources Company Profile

Targa Resources Corp. (NYSE: TRGP) is a Houston-based midstream energy company that owns, operates and develops infrastructure for gathering, processing, transporting, storing and exporting natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products. Its operations connect producers with domestic and international markets across key U.S. energy-producing regions.

The company’s assets include natural gas gathering and processing systems, NGL pipelines, fractionation facilities, storage assets and export terminals.