Targa Resources, Inc. $TRGP Shares Sold by SCS Capital Management LLC

SCS Capital Management LLC lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 10.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 98,041 shares of the pipeline company’s stock after selling 11,880 shares during the quarter. SCS Capital Management LLC’s holdings in Targa Resources were worth $26,289,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TRGP. CoreCap Advisors LLC grew its stake in Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after buying an additional 91 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the fourth quarter valued at about $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the fourth quarter valued at about $30,000. Global Assets Advisory LLC acquired a new stake in Targa Resources in the first quarter worth about $41,000. Finally, Leonteq Securities AG acquired a new stake in Targa Resources in the fourth quarter worth about $31,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $275.77 on Friday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a 50-day moving average of $269.33 and a two-hundred day moving average of $250.72. The stock has a market cap of $59.13 billion, a P/E ratio of 26.36, a P/E/G ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share 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 analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, research analysts predict that Targa Resources, Inc. will post 11.01 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors 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 dividend on an annualized basis and a yield of 1.8%. Targa Resources’s dividend payout ratio is currently 47.80%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Raymond James Financial set a $335.00 price target on Targa Resources in a research note on Friday, August 7th. Jefferies Financial Group set a $324.00 price objective on shares of Targa Resources in a research report on Friday, August 7th. Scotiabank lifted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Truist Financial boosted their target price 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. Finally, Royal Bank Of Canada upped their price target on shares of Targa Resources from $310.00 to $312.00 and gave the company an “outperform” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $295.35.

Targa Resources Company 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.