2,211 Shares in Targa Resources, Inc. $TRGP Acquired by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC bought a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,211 shares of the pipeline company’s stock, valued at approximately $598,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. First Eagle Investment Management LLC raised its holdings in Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Targa Resources in the 2nd quarter valued at $32,000. Compass Financial Management LLC bought a new stake in shares of Targa Resources in the 2nd quarter valued at $33,000. CoreCap Advisors LLC boosted its stake in shares of Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 91 shares during the last quarter. Finally, Virtus Advisers LLC acquired a new stake in shares of Targa Resources during the second quarter worth $35,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $264.65 on Monday. The stock has a market capitalization of $56.78 billion, a PE ratio of 23.42, a price-to-earnings-growth ratio of 1.09 and a beta of 0.76. The company’s 50-day moving average is $289.31 and its 200-day moving average is $261.35. The company has a debt-to-equity ratio of 4.87, a current ratio of 0.74 and a quick ratio of 0.66. Targa Resources, Inc. has a 1 year low of $166.18 and a 1 year high of $316.60.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, November 5th. The pipeline company reported $3.04 EPS for the quarter, beating analysts’ consensus estimates of $2.74 by $0.30. Targa Resources had a return on equity of 68.83% and a net margin of 13.45%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $4.77 billion. Equities research analysts expect that Targa Resources, Inc. will post 11.51 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Key Targa Resources News

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74–$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. Q3 earnings and revenue beat estimates
• Positive Sentiment: Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company’s cash-return outlook. Quarterly results and dividend outlook
• Positive Sentiment: The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. Plant expansion and Train 14 announcement
• Negative Sentiment: Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Stock movement around filing day

Insider Buying and Selling at Targa Resources

In other news, Director Paul W. 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 $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles R. Crisp sold 3,000 shares of the stock in a transaction 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. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of analyst reports. Scotiabank reissued an “outperform” rating and set a $319.00 target price on shares of Targa Resources in a research note on Thursday, October 15th. Mizuho upped their price target on shares of Targa Resources from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, September 11th. BMO Capital Markets upped their price target on shares of Targa Resources from $303.00 to $328.00 and gave the company an “outperform” rating in a research report on Wednesday, October 21st. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $315.00 to $351.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Finally, Stifel Nicolaus set a $335.00 price objective on Targa Resources in a research report on Friday, October 9th. Two analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $325.58.

Targa Resources Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.