Recurrent Investment Advisors LLC Has $118.30 Million Stock Position in Targa Resources, Inc. $TRGP

Recurrent Investment Advisors LLC decreased its position in Targa Resources, Inc. (NYSE:TRGP) by 10.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 471,801 shares of the pipeline company’s stock after selling 56,745 shares during the quarter. Targa Resources accounts for approximately 7.1% of Recurrent Investment Advisors LLC’s holdings, making the stock its 2nd largest holding. Recurrent Investment Advisors LLC’s holdings in Targa Resources were worth $118,295,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. State Street Corp boosted its position in shares of Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after buying an additional 162,878 shares during the period. Geode Capital Management LLC lifted its stake in Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after acquiring an additional 45,495 shares in the last quarter. Norges Bank bought a new stake in Targa Resources in the 4th quarter valued at approximately $735,758,000. Tortoise Capital Advisors L.L.C. boosted its position in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after acquiring an additional 572,562 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Transactions at Targa Resources

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

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Truist Financial boosted their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. Mizuho boosted their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, Erste Group Bank assumed coverage on shares of Targa Resources in a research note on Thursday, June 25th. They set a “buy” rating for the company. Seventeen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $288.00.

Targa Resources Stock Down 2.1%

Targa Resources stock opened at $262.01 on Wednesday. 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 company’s 50-day moving average is $269.42 and its 200-day moving average is $243.64. The firm has a market capitalization of $56.24 billion, a PE ratio of 26.49, a P/E/G ratio of 1.37 and a beta of 0.71. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $291.04.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm 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 anticipate that Targa Resources, Inc. will post 10.77 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio is 50.56%.

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.