ABN Amro Investment Solutions Raises Stock Position in Targa Resources, Inc. $TRGP

ABN Amro Investment Solutions boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 30.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,137 shares of the pipeline company’s stock after purchasing an additional 3,751 shares during the period. ABN Amro Investment Solutions’ holdings in Targa Resources were worth $4,046,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in TRGP. Norges Bank purchased a new position in Targa Resources in the fourth quarter worth about $735,758,000. Goldman Sachs Group Inc. increased its position in shares of 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Targa Resources during the 3rd quarter valued at about $121,426,000. Tortoise Capital Advisors L.L.C. lifted its stake in shares of Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after purchasing an additional 572,562 shares during the period. Finally, UniSuper Management Pty Ltd lifted its stake in shares of Targa Resources by 1,811.0% in the 4th quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company’s stock worth $81,980,000 after purchasing an additional 421,084 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TRGP. Mizuho boosted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Truist Financial upped their target price on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Morgan Stanley reiterated an “overweight” rating and issued a $333.00 price target on shares of Targa Resources in a research report on Tuesday. Scotiabank lifted their price target on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Finally, Jefferies Financial Group assumed coverage on shares of Targa Resources in a research report on Thursday, June 18th. They set a “buy” rating and a $314.00 price objective for the company. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $288.00.

Targa Resources Stock Up 0.2%

Shares of TRGP stock opened at $284.96 on Friday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $289.66. The company’s fifty day moving average price is $269.68 and its 200-day moving average price is $241.71. The company has a market capitalization of $61.16 billion, a price-to-earnings ratio of 28.81, a PEG ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Sell-side analysts expect that Targa Resources, Inc. will post 10.76 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.37% of the company’s stock.

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.