Targa Resources Corp. (NYSE:TRGP) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC raised its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 45.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,414 shares of the pipeline company’s stock after acquiring an additional 749 shares during the period. GAMMA Investing LLC’s holdings in Targa Resources were worth $311,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Spire Wealth Management grew its holdings in Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 264 shares in the last quarter. Addison Advisors LLC bought a new stake in Targa Resources in the fourth quarter worth about $27,000. Register Financial Advisors LLC purchased a new position in Targa Resources in the 1st quarter worth about $45,000. EdgeRock Capital LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at about $42,000. Finally, Delos Wealth Advisors LLC bought a new position in Targa Resources during the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the transaction, the insider now owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The disclosure for this sale can be found here. Insiders have sold 52,691 shares of company stock worth $6,197,632 over the last ninety days. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $132.00 to $147.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley raised their price objective on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Scotiabank raised their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Argus started coverage on Targa Resources in a report on Wednesday, June 26th. They set a “buy” rating and a $140.00 price objective for the company. Finally, Barclays increased their target price on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus target price of $138.62.

Targa Resources Trading Down 2.1 %

TRGP stock traded down $2.72 during mid-day trading on Monday, reaching $127.86. 2,809,399 shares of the stock traded hands, compared to its average volume of 1,601,780. Targa Resources Corp. has a one year low of $77.97 and a one year high of $139.35. The stock has a market capitalization of $28.35 billion, a PE ratio of 25.58, a PEG ratio of 0.70 and a beta of 2.27. The business has a 50-day moving average price of $127.48 and a two-hundred day moving average price of $112.61. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.75% and a net margin of 6.60%. The company had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same period last year, the business posted $1.44 earnings per share. Equities research analysts expect that Targa Resources Corp. will post 5.4 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Wednesday, July 31st. Targa Resources’s dividend payout ratio is presently 61.73%.

Targa Resources Profile

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.