TD Waterhouse Canada Inc. Raises Stake in Targa Resources, Inc. $TRGP

TD Waterhouse Canada Inc. boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 30.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 20,344 shares of the pipeline company’s stock after purchasing an additional 4,719 shares during the period. TD Waterhouse Canada Inc.’s holdings in Targa Resources were worth $5,249,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources during the fourth quarter worth $30,000. Leonteq Securities AG purchased a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. Jones Financial Companies Lllp purchased a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $32,000. Finally, Compass Financial Management LLC purchased a new position in Targa Resources in the second quarter worth approximately $33,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Paul W. Chung sold 1,816 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the transaction, the director owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,216 shares of company stock worth $2,127,634 over the last ninety days. 1.37% of the stock is owned by company insiders.

Targa Resources Stock Up 0.1%

Targa Resources stock opened at $290.20 on Monday. The firm has a market capitalization of $62.23 billion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The stock’s fifty day moving average is $277.51 and its two-hundred day moving average is $259.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

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

Targa Resources Dividend Announcement

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

Analyst Upgrades and Downgrades

TRGP has been the subject of several research reports. JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Truist Financial raised their target price on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a report on Wednesday. Mizuho upped their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Raymond James Financial set a $335.00 price target on Targa Resources in a research note on Friday, August 7th. One equities 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $301.18.

Targa Resources 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.