Rakuten Investment Management Inc. Invests $9.45 Million in Targa Resources, Inc. $TRGP

Rakuten Investment Management Inc. bought a new stake in Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 34,807 shares of the pipeline company’s stock, valued at approximately $9,445,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new stake in Targa Resources during the 4th quarter worth $735,758,000. Bank of America Corp DE purchased a new position in Targa Resources in the second quarter valued at about $734,846,000. Legal & General Group Plc acquired a new position in shares of Targa Resources during the second quarter worth about $336,575,000. Goldman Sachs Group Inc. lifted its stake in shares of Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Targa Resources in the second quarter worth about $275,702,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of several recent research reports. UBS Group reissued a “buy” rating and set a $318.00 price target on shares of Targa Resources in a research report on Thursday, July 9th. Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a research report on Friday, August 7th. Truist Financial lifted their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Barclays boosted their target price on shares of Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $298.71.

Targa Resources Trading Down 0.2%

Shares of TRGP opened at $288.38 on Friday. The company has a market capitalization of $61.84 billion, a P/E ratio of 27.57, a P/E/G ratio of 1.37 and a beta of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94. 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 moving average price of $275.05 and a 200 day moving average price of $257.11.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (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 company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction 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 sale, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles R. Crisp sold 3,000 shares of the stock in a transaction 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 in the company, valued at $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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.