Transamerica Financial Advisors LLC Buys Shares of 24,312 Targa Resources, Inc. $TRGP

Transamerica Financial Advisors LLC purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 24,312 shares of the pipeline company’s stock, valued at approximately $6,519,000.

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

Analyst Ratings Changes

TRGP has been the subject of several research reports. Royal Bank Of Canada upped their price target on shares of Targa Resources from $310.00 to $312.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Scotiabank upped their target price on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Finally, TD Cowen increased their price target on shares of Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and an average price target of $297.18.

Targa Resources Stock Performance

NYSE:TRGP opened at $294.38 on Thursday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a 50-day simple moving average of $273.84 and a two-hundred day simple moving average of $256.34. The firm has a market capitalization of $63.12 billion, a PE ratio of 28.14, a P/E/G ratio of 1.37 and a beta of 0.72. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $307.94.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Analysts forecast that Targa Resources, Inc. will post 11.2 EPS for the current year.

Targa Resources Dividend Announcement

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

Key Targa Resources News

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

• Positive Sentiment: J.P. Morgan reaffirmed its Buy rating on Targa Resources, maintaining a constructive view of the company’s growth outlook. Its recent price target of $315 remains above the stock’s recent trading level. J.P. Morgan Buy-rating article
• Positive Sentiment: Recent fundamentals remain supportive. Targa’s second-quarter adjusted EPS of $3.54 exceeded the $2.83 consensus estimate, while midstream industry results benefited from strong throughput, margins and demand for natural gas and NGL exports. Targa has also expanded long-term ExxonMobil-linked Permian agreements and announced new processing and pipeline projects. Midstream earnings outlook article
• Positive Sentiment: The company’s leadership plan adds experienced midstream executive Brent Secrest as President of Logistics and Transportation and promotes Benjamin Branstetter to CFO. Targa said the changes are intended to support long-term growth, while retiring CFO William Byers will remain an adviser through year-end to aid continuity. Targa leadership announcement
• Neutral Sentiment: Institutional positioning was mixed, with 546 investors adding shares and 490 reducing holdings in the latest quarter. Analyst opinion remains favorable overall, but the median price target of $275 is below recent trading levels, suggesting valuation is a consideration.
• Negative Sentiment: Several directors have recently sold shares, including Charles R. Crisp’s $870,690 sale and Waters S. Iv Davis’s $719,208 sale. The transactions do not necessarily indicate a change in business outlook, but the absence of reported insider purchases may weigh on sentiment. Targa insider trading report
• Negative Sentiment: A sharp decline in crude prices recently pressured energy stocks broadly. Investors may also remain cautious about the CFO transition and Targa’s substantial debt-to-equity ratio of approximately 5.0.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director owned 62,292 shares of the company’s stock, valued at $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director directly owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their position. The SEC filing for this sale provides additional information. 1.37% of the stock is currently owned by company insiders.

About Targa Resources

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.