Corient Private Wealth LP Makes New Investment in Targa Resources, Inc. $TRGP

Corient Private Wealth LP acquired a new stake in Targa Resources, Inc. (NYSE:TRGP) in the second quarter, Holdings Channel reports. The fund acquired 47,354 shares of the pipeline company’s stock, valued at approximately $12,701,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $735,758,000. Bank of America Corp DE acquired a new stake in Targa Resources in the 2nd quarter valued at $734,846,000. Legal & General Group Plc bought a new stake in Targa Resources during the 2nd quarter valued at $336,575,000. Goldman Sachs Group Inc. increased its stake in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Targa Resources during the 2nd quarter valued at $275,702,000. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director owned 1,529 shares in the company, 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 at this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction dated 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 directly 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Trading Down 0.2%

Shares of Targa Resources stock opened at $288.38 on Friday. The stock has a fifty day simple moving average of $275.05 and a 200 day simple moving average of $257.11. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $307.94. The company has a market capitalization of $61.84 billion, a P/E ratio of 27.57, a price-to-earnings-growth ratio of 1.37 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last released its quarterly 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 business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 11.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced 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 was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is presently 47.80%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on shares of Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a report on Friday, August 7th. UBS Group restated a “buy” rating and issued a $318.00 target price on shares of Targa Resources in a report on Thursday, July 9th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of “Buy” and an average price target of $298.71.

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.