Infrastructure Capital Advisors LLC Acquires 4,114 Shares of Targa Resources, Inc. $TRGP

Infrastructure Capital Advisors LLC lifted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 4.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,591 shares of the pipeline company’s stock after purchasing an additional 4,114 shares during the quarter. Targa Resources accounts for about 1.6% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 14th biggest holding. Infrastructure Capital Advisors LLC’s holdings in Targa Resources were worth $23,466,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp increased its holdings in Targa Resources by 1.3% in the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after buying an additional 162,878 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares in the last quarter. Norges Bank purchased a new stake in Targa Resources in the fourth quarter worth about $735,758,000. Tortoise Capital Advisors L.L.C. raised its stake in shares of Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after buying an additional 572,562 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after buying an additional 1,075,246 shares during the period. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TRGP. Morgan Stanley reiterated an “overweight” rating and set a $333.00 price objective on shares of Targa Resources in a research note on Tuesday, July 21st. Truist Financial raised their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Scotiabank lifted their price target 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. TD Cowen upped their price target on shares of Targa Resources from $245.00 to $270.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Finally, The Goldman Sachs Group increased their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $288.00.

Targa Resources Stock Down 5.0%

NYSE TRGP opened at $267.35 on Tuesday. The stock’s 50 day moving average is $269.71 and its 200 day moving average is $243.03. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04. The stock has a market cap of $57.38 billion, a PE ratio of 27.03, a P/E/G ratio of 1.44 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Research analysts predict that Targa Resources, Inc. will post 10.76 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a dividend of $1.25 per share. The ex-dividend date is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio is currently 50.56%.

Targa Resources Company Profile

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.