Railway Pension Investments Ltd Purchases Shares of 56,500 Targa Resources, Inc. $TRGP

Railway Pension Investments Ltd purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 56,500 shares of the pipeline company’s stock, valued at approximately $15,150,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources in the fourth quarter valued at approximately $30,000. Leonteq Securities AG purchased a new stake in Targa Resources in the 4th quarter worth approximately $31,000. Jones Financial Companies Lllp acquired a new stake in shares of Targa Resources during the 2nd quarter worth approximately $32,000. Finally, Compass Financial Management LLC purchased a new position in Targa Resources in the second quarter valued at $33,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the transaction, the director directly owned 1,529 shares in the company, valued at $458,195.43. The trade was a 61.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TRGP. Wolfe Research set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. JPMorgan Chase & Co. lifted their target price on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Barclays boosted their target price on Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Citigroup reissued a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Finally, Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price of $298.71.

Targa Resources Price Performance

Shares of TRGP opened at $294.50 on Tuesday. The stock’s 50 day moving average is $275.67 and its two-hundred day moving average is $257.93. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94. The firm has a market capitalization of $63.15 billion, a PE ratio of 28.15, a P/E/G ratio of 1.37 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating 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 net margin of 13.55% and a return on equity of 69.26%. Research analysts anticipate that Targa Resources, Inc. will post 11.23 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is currently 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.