USA Financial Formulas Makes New $596,000 Investment in Targa Resources, Inc. $TRGP

USA Financial Formulas bought a new position in Targa Resources, Inc. (NYSE:TRGP) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,204 shares of the pipeline company’s stock, valued at approximately $596,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE purchased a new stake in Targa Resources in the second quarter valued at $734,846,000. Legal & General Group Plc acquired a new stake in Targa Resources during the 2nd quarter worth about $336,575,000. Canada Pension Plan Investment Board purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $275,702,000. Hsbc Holdings PLC purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $274,660,000. Finally, Kayne Anderson Capital Advisors LP purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $260,337,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $294.75 on Friday. The company’s fifty day moving average price is $286.24 and its 200 day moving average price is $269.99. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94. The company has a market capitalization of $63.20 billion, a PE ratio of 28.18, a price-to-earnings-growth ratio of 1.22 and a beta of 0.80. 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 quarterly 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. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. On average, research analysts predict that Targa Resources, Inc. will post 11.38 earnings per share for the current year.

Targa Resources Announces Dividend

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

Insider Transactions at Targa Resources

In other news, Director S Davis sold 2,400 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles Crisp sold 3,000 shares of Targa Resources stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. 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 in the last ninety days. 1.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on TRGP. UBS Group reissued a “buy” rating and issued a $318.00 price objective (up from $305.00) on shares of Targa Resources in a report on Thursday, July 9th. Weiss Ratings raised Targa Resources from a “buy (b)” rating to a “buy (b+)” rating in a report on Wednesday. Capital One Financial raised their target price on Targa Resources from $310.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, September 22nd. TD Cowen upgraded Targa Resources from a “hold” rating to a “buy” rating and lifted their price target for the company from $275.00 to $350.00 in a research report on Friday, September 18th. Finally, Wolfe Research set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $317.75.

About Targa Resources

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.