PensionDanmark Pensionsforsikringsaktieselskab Buys 3,400 Shares of Targa Resources, Inc. $TRGP

PensionDanmark Pensionsforsikringsaktieselskab increased its stake in Targa Resources, Inc. (NYSE:TRGP) by 9.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 38,952 shares of the pipeline company’s stock after purchasing an additional 3,400 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in Targa Resources were worth $10,445,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its holdings in shares of 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 buying an additional 12,640 shares during the period. Hsbc Holdings PLC raised its holdings in Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after acquiring an additional 53,413 shares during the period. Miller Howard Investments Inc. NY raised its holdings in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after acquiring an additional 62,652 shares during the period. Raiffeisen Bank International AG lifted its position in Targa Resources by 164.1% during the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after acquiring an additional 20,905 shares during the last quarter. Finally, Ninety One UK Ltd lifted its position in Targa Resources by 12.6% during the 4th quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock worth $18,031,000 after acquiring an additional 10,946 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TRGP. JPMorgan Chase & Co. raised their price target on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Erste Group Bank assumed coverage on Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating for the company. Scotiabank increased their target price on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Mizuho raised their target price on 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 report on Friday. One equities research 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. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus target price of $295.24.

More 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.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction on 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 owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.37% of the stock is owned by company insiders.

Targa Resources Price Performance

Shares of TRGP stock opened at $257.25 on Friday. The stock has a 50 day moving average of $268.84 and a two-hundred day moving average of $247.93. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04. The company has a market capitalization of $55.22 billion, a P/E ratio of 24.59, a P/E/G ratio of 1.30 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data 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 business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 73.14% and a net margin of 13.55%. As a group, equities analysts expect that Targa Resources, Inc. will post 10.92 EPS for the current year.

Targa Resources Announces Dividend

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