Targa Resources, Inc. $TRGP Shares Purchased by Axecap Investments LLC

Axecap Investments LLC increased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 17.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,086 shares of the pipeline company’s stock after acquiring an additional 2,999 shares during the period. Targa Resources comprises 3.3% of Axecap Investments LLC’s investment portfolio, making the stock its 6th biggest position. Axecap Investments LLC’s holdings in Targa Resources were worth $5,429,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. increased its stake in Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after purchasing an additional 291,114 shares during the period. State Street Corp boosted its stake in shares of Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after purchasing an additional 626,885 shares during the period. Deutsche Bank AG boosted its stake in shares of Targa Resources by 21.7% in 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 period. Bank of America Corp DE boosted its stake in shares of Targa Resources by 28.0% in the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after purchasing an additional 688,598 shares during the period. Finally, Amundi grew its holdings in shares of Targa Resources by 10.8% in the second quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock valued at $595,817,000 after purchasing an additional 215,915 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, Director Paul W. Chung sold 1,816 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director owned 44,000 shares in the company, valued at $13,028,840. The trade was a 3.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the 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 completion of the sale, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TRGP. The Goldman Sachs Group reaffirmed a “buy” rating and set a $322.00 target price on shares of Targa Resources in a research note on Tuesday, October 13th. TD Cowen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and increased their target price for the stock from $275.00 to $350.00 in a report on Friday, September 18th. Capital One Financial raised their price target on shares of Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday, September 22nd. Citigroup boosted their price target on shares of Targa Resources from $303.00 to $325.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. Finally, Weiss Ratings upgraded shares of Targa Resources from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $318.00.

Targa Resources Price Performance

TRGP stock opened at $292.88 on Wednesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The firm has a market capitalization of $62.80 billion, a P/E ratio of 27.99, a P/E/G ratio of 1.21 and a beta of 0.80. The business’s 50-day moving average is $287.33 and its two-hundred day moving average is $270.78. Targa Resources, Inc. has a 1 year low of $149.21 and a 1 year high of $307.94.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Analysts anticipate that Targa Resources, Inc. will post 11.38 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Targa Resources Company Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.