Jupiter Topco LLC Makes New $7.87 Million Investment in Targa Resources, Inc. $TRGP

Jupiter Topco LLC purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 29,354 shares of the pipeline company’s stock, valued at approximately $7,867,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TRGP. PNC Financial Services Group Inc. boosted its position in Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after acquiring an additional 12,640 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY lifted its position in shares of Targa Resources by 37.3% in the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after purchasing an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG boosted its holdings in Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after purchasing an additional 20,905 shares during the last quarter. Finally, Icon Wealth Advisors LLC boosted its holdings in Targa Resources by 24.0% during the fourth quarter. Icon Wealth Advisors LLC now owns 19,649 shares of the pipeline company’s stock worth $3,625,000 after purchasing an additional 3,797 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 3,000 shares of the company’s 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 transaction, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Waters S. Iv 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 transaction, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.37% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Morgan Stanley increased their price objective on shares of Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 18th. Scotiabank raised their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Wells Fargo & Company lifted their target price on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $298.71.

Targa Resources Stock Up 0.2%

Targa Resources stock opened at $288.38 on Monday. The company’s 50-day moving average price is $275.05 and its two-hundred day moving average price is $257.39. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The stock has a market cap of $61.84 billion, a P/E ratio of 27.57, a P/E/G ratio of 1.37 and a beta of 0.72. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, analysts expect that Targa Resources, Inc. will post 11.23 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is presently 47.80%.

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.