Freestone Grove Partners LP Invests $12.67 Million in Targa Resources, Inc. $TRGP

Freestone Grove Partners LP purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the second quarter, Holdings Channel reports. The firm purchased 47,266 shares of the pipeline company’s stock, valued at approximately $12,674,000.

Several other large investors also recently bought and sold shares of the business. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the fourth quarter worth approximately $30,000. Leonteq Securities AG purchased a new position in Targa Resources during the fourth quarter worth approximately $31,000. Jones Financial Companies Lllp acquired a new position in Targa Resources during the second quarter worth $32,000. Finally, Compass Financial Management LLC acquired a new position in Targa Resources during the second quarter worth $33,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on TRGP shares. Barclays raised their target price on Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. TD Cowen boosted their price target on shares of Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research report on Friday, August 7th. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a report on Friday, May 8th. Scotiabank upped their price objective 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, Truist Financial raised their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $298.71.

Targa Resources Trading Down 1.5%

Shares of Targa Resources stock opened at $289.49 on Friday. The stock has a 50 day moving average of $274.46 and a 200 day moving average of $256.89. 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 firm has a market capitalization of $62.07 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 1.40 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. As a group, research analysts predict that Targa Resources, Inc. will post 11.2 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $1.25 dividend. The ex-dividend date of this dividend 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 is presently 47.80%.

Insider Transactions at Targa Resources

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