MBB Public Markets I LLC Acquires Shares of 15,300 Targa Resources Corp. (NYSE:TRGP)

MBB Public Markets I LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,300 shares of the pipeline company’s stock, valued at approximately $1,970,000.

Other institutional investors also recently modified their holdings of the company. Deerfield Management Company L.P. Series C lifted its position in shares of Targa Resources by 66.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 5,394 shares of the pipeline company’s stock valued at $695,000 after acquiring an additional 2,147 shares during the period. APG Asset Management N.V. bought a new stake in Targa Resources during the second quarter worth about $1,511,000. AQR Capital Management LLC raised its position in shares of Targa Resources by 63.4% in the 2nd quarter. AQR Capital Management LLC now owns 272,749 shares of the pipeline company’s stock valued at $35,100,000 after buying an additional 105,842 shares in the last quarter. AXA S.A. lifted its holdings in shares of Targa Resources by 3.9% during the 2nd quarter. AXA S.A. now owns 11,188 shares of the pipeline company’s stock worth $1,441,000 after acquiring an additional 416 shares during the period. Finally, Caxton Associates LP acquired a new stake in shares of Targa Resources during the 2nd quarter worth approximately $2,323,000. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by insiders.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $146.80 on Monday. The stock has a market cap of $32.55 billion, a price-to-earnings ratio of 30.21, a P/E/G ratio of 1.24 and a beta of 2.26. Targa Resources Corp. has a twelve month low of $77.97 and a twelve month high of $157.68. The company’s fifty day moving average is $142.70 and its 200 day moving average is $127.10. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period last year, the company earned $1.44 EPS. Sell-side analysts forecast that Targa Resources Corp. will post 5.88 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.04%. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Analyst Ratings Changes

Several equities research analysts have weighed in on TRGP shares. Truist Financial upped their target price on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their target price on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. UBS Group lifted their price target on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Finally, The Goldman Sachs Group upped their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $141.77.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.