Czech National Bank Grows Stock Position in Targa Resources, Inc. $TRGP

Czech National Bank increased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 4.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,096 shares of the pipeline company’s stock after purchasing an additional 2,635 shares during the quarter. Czech National Bank’s holdings in Targa Resources were worth $16,382,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PensionDanmark Pensionsforsikringsaktieselskab raised its position in Targa Resources by 9.6% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 38,952 shares of the pipeline company’s stock worth $10,445,000 after buying an additional 3,400 shares during the last quarter. Chapin Davis Inc. boosted its holdings in shares of Targa Resources by 5.5% in the second quarter. Chapin Davis Inc. now owns 4,736 shares of the pipeline company’s stock valued at $1,270,000 after acquiring an additional 246 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Targa Resources by 13.2% during the second quarter. GAMMA Investing LLC now owns 6,686 shares of the pipeline company’s stock worth $1,793,000 after acquiring an additional 781 shares during the period. Avior Wealth Management LLC raised its holdings in Targa Resources by 5.8% during the second quarter. Avior Wealth Management LLC now owns 3,549 shares of the pipeline company’s stock worth $952,000 after purchasing an additional 196 shares in the last quarter. Finally, CoreCap Advisors LLC raised its holdings in Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 91 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.37% of the stock is owned by company insiders.

Targa Resources Trading Down 4.1%

Shares of Targa Resources stock opened at $257.25 on Friday. The company has a 50-day moving average of $268.84 and a two-hundred day moving average of $247.93. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $291.04. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The stock has a market cap of $55.22 billion, a PE ratio of 24.59, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72.

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 analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 73.14% and a net margin of 13.55%.The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. On average, research analysts anticipate that Targa Resources, Inc. will post 10.83 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Key Targa Resources News

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Strong Q2 earnings and guidance: Targa reported adjusted EBITDA of $1.603 billion, up 38% year over year, while EPS of $3.54 exceeded the $2.83 consensus estimate. Management now expects full-year adjusted EBITDA toward the high end of its $5.7 billion–$5.9 billion range. Reuters article
• Positive Sentiment: Volume growth and project execution: Record Permian inlet volumes, NGL transportation, fractionation and LPG exports supported results. Targa also brought its Train 11 fractionator, Delaware Express expansion and East Driver processing plant online, with East Driver starting ahead of schedule.
• Positive Sentiment: Shareholder returns and analyst support: Targa raised its quarterly dividend 25% to $1.25 per share and repurchased $80 million of stock. Wells Fargo raised its price target to $282 and assigned an “overweight” rating; TD Cowen lifted its target to $275, although it maintained a “hold” rating. Benzinga article
• Neutral Sentiment: Revenue performance was mixed: Quarterly revenue rose 4% to $4.44 billion but fell short of the $4.90 billion analyst forecast. Lower natural-gas prices and unfavorable hedge impacts limited commodity-sales growth, while higher fee-based midstream revenue helped offset the weakness.
• Negative Sentiment: Commodity and balance-sheet risks remain: Negative Waha natural-gas prices in the Permian, higher operating and depreciation expenses, approximately $19.6 billion of debt and planned 2026 growth capital spending of about $4.5 billion may concern investors. The stock’s recent decline suggests the strong earnings beat and guidance raise were not enough to overcome those concerns.

Analyst Ratings Changes

A number of equities research analysts have weighed in on TRGP shares. Erste Group Bank began coverage on Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating on the stock. UBS Group reissued a “buy” rating and set a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Scotiabank raised their price target on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Barclays lifted their price target on Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Wolfe Research set a $335.00 price objective on Targa Resources in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $295.24.

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.