9,734 Shares in Targa Resources, Inc. $TRGP Bought by Freedom Day Solutions LLC

Freedom Day Solutions LLC acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the third quarter, Holdings Channel reports. The firm acquired 9,734 shares of the pipeline company’s stock, valued at approximately $2,631,000.

A number of other large investors have also added to or reduced their stakes in TRGP. Bank of America Corp DE bought a new stake in Targa Resources in the second quarter worth $734,846,000. Legal & General Group Plc purchased a new stake in shares of Targa Resources in the second quarter worth $336,575,000. Canada Pension Plan Investment Board purchased a new stake in shares of Targa Resources in the second quarter worth $275,702,000. Hsbc Holdings PLC bought a new position in shares of Targa Resources during the second quarter valued at $274,660,000. Finally, Kayne Anderson Capital Advisors LP bought a new position in shares of Targa Resources during the second quarter valued at $260,337,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $292.89 on Tuesday. The firm has a market cap of $62.81 billion, a P/E ratio of 28.00, a PEG ratio of 1.22 and a beta of 0.80. Targa Resources, Inc. has a twelve month low of $149.01 and a twelve month high of $307.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The company has a 50 day moving average of $286.78 and a 200 day moving average of $270.44.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, research analysts expect that Targa Resources, Inc. will post 11.38 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be paid a $1.25 dividend. The ex-dividend date is Friday, October 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s payout ratio is currently 47.80%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Raymond James Financial set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. Wells Fargo & Company upped their price target on shares of Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 2nd. UBS Group reissued a “buy” rating and set a $318.00 price objective (up from $305.00) on shares of Targa Resources in a research report on Thursday, July 9th. Truist Financial reissued a “buy” rating and set a $345.00 price objective (up from $312.00) on shares of Targa Resources in a research report on Monday, September 21st. Finally, Royal Bank Of Canada raised their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $317.75.

Insider Activity

In other news, Director S Davis sold 2,400 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles 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 value of $870,690.00. Following the sale, the director directly 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. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 7,216 shares of company stock valued at $2,127,634 over the last ninety days. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources 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.