2,211 Shares of Targa Resources, Inc. $TRGP Bought by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 2,211 shares of the pipeline company’s stock, valued at approximately $598,000.

Other hedge funds have also added to or reduced their stakes in the company. RHL Group LLC raised its stake in shares of Targa Resources by 74.5% in the third quarter. RHL Group LLC now owns 178 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 76 shares during the last quarter. Brighton Jones LLC grew its holdings in Targa Resources by 2.8% during the third quarter. Brighton Jones LLC now owns 1,844 shares of the pipeline company’s stock worth $498,000 after buying an additional 50 shares in the last quarter. StoneX Group Inc. grew its holdings in Targa Resources by 24.7% during the third quarter. StoneX Group Inc. now owns 2,053 shares of the pipeline company’s stock worth $569,000 after buying an additional 407 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its position in Targa Resources by 234.8% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 21,760 shares of the pipeline company’s stock valued at $5,882,000 after buying an additional 15,260 shares during the last quarter. Finally, Plancorp LLC purchased a new stake in Targa Resources in the 3rd quarter valued at $191,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $264.65 on Monday. Targa Resources, Inc. has a twelve month low of $166.18 and a twelve month high of $316.60. The company has a quick ratio of 0.66, a current ratio of 0.74 and a debt-to-equity ratio of 4.87. The stock has a market cap of $56.78 billion, a P/E ratio of 23.42, a PEG ratio of 1.09 and a beta of 0.76. The business’s 50-day moving average price is $289.31 and its two-hundred day moving average price is $261.35.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.30. Targa Resources had a net margin of 13.45% and a return on equity of 68.83%. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $4.77 billion. As a group, equities analysts predict that Targa Resources, Inc. will post 11.51 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be given a $1.25 dividend. The ex-dividend date is Friday, October 30th. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources’s payout ratio is 47.80%.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 7,216 shares of company stock valued at $2,127,634 over the last 90 days. 1.37% of the stock is owned by insiders.

More 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

Wall Street Analyst Weigh In

Several brokerages have weighed in on TRGP. Jefferies Financial Group dropped their price objective on Targa Resources from $326.00 to $311.00 and set a “buy” rating on the stock in a research note on Friday. Morgan Stanley upped their target price on shares of Targa Resources from $343.00 to $359.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 16th. TD Cowen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and increased their target price for the company from $275.00 to $350.00 in a report on Friday, September 18th. Wells Fargo & Company raised their price target on shares of Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a research report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. boosted their target price on Targa Resources from $315.00 to $351.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $325.58.

About Targa Resources

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.