Targa Resources, Inc. $TRGP Shares Acquired by Saudi Central Bank

Saudi Central Bank raised its stake in Targa Resources, Inc. (NYSE:TRGP) by 85.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,660 shares of the pipeline company’s stock after buying an additional 6,737 shares during the period. Saudi Central Bank’s holdings in Targa Resources were worth $3,931,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp acquired a new position in shares of Targa Resources in the 2nd quarter worth $32,000. Compass Financial Management LLC purchased a new stake in shares of Targa Resources during the second quarter valued at $33,000. CoreCap Advisors LLC boosted its position in shares of Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 91 shares during the period. Virtus Advisers LLC acquired a new stake in Targa Resources during the 2nd quarter worth about $35,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in Targa Resources during the fourth quarter valued at about $27,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $290.20 on Monday. The company’s 50 day moving average price is $277.51 and its 200 day moving average price is $259.94. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The company has a market capitalization of $62.23 billion, a PE ratio of 27.74, a PEG ratio of 1.38 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Research analysts expect 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 paid 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 dividend yield of 1.7%. Targa Resources’s dividend payout ratio is 47.80%.

Analyst Ratings Changes

A number of research firms have recently issued reports on TRGP. Barclays boosted their price target on shares of Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Jefferies Financial Group lifted their price objective on shares of Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a research note on Wednesday. Raymond James Financial set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. Finally, Truist Financial upped their price target on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $301.18.

Insider Buying and Selling

In other Targa Resources news, Director Charles Crisp sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Paul Chung sold 1,816 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the sale, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 7,216 shares of company stock worth $2,127,634. Corporate insiders own 1.37% of the company’s stock.

Targa Resources 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.