Havemeyer Place LP Makes New $1.66 Million Investment in Targa Resources, Inc. $TRGP

Havemeyer Place LP purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,987 shares of the pipeline company’s stock, valued at approximately $1,658,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. lifted its stake in Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after purchasing an additional 50 shares during the period. First Horizon Corp raised its stake in shares of Targa Resources by 20.1% in the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after acquiring an additional 57 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Targa Resources by 4.1% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 60 shares during the last quarter. Equitable Holdings Inc. raised its stake in shares of Targa Resources by 3.6% in the third quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock valued at $287,000 after acquiring an additional 60 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its stake in shares of Targa Resources by 1.3% in the third quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company’s stock valued at $845,000 after acquiring an additional 64 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $264.19 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. The firm has a market cap of $56.71 billion, a P/E ratio of 26.71, a P/E/G ratio of 1.35 and a beta of 0.72. The firm has a 50 day simple moving average of $253.46 and a 200 day simple moving average of $219.42. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Sell-side analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were issued a $1.25 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TRGP shares. Truist Financial lifted their target price on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Morgan Stanley lifted their target price on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. BMO Capital Markets reiterated an “outperform” rating and issued a $241.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Finally, US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Fifteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $269.21.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Company Profile

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.