Groupe la Francaise Takes $494,000 Position in Targa Resources, Inc. $TRGP

Groupe la Francaise acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 1,844 shares of the pipeline company’s stock, valued at approximately $494,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources during the fourth quarter valued at about $27,000. First Eagle Investment Management LLC lifted its holdings in Targa Resources by 381.0% in the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 80 shares during the period. Miller Capital Partners Inc. bought a new position in Targa Resources in the 4th quarter valued at about $30,000. Leonteq Securities AG acquired a new position in Targa Resources during the 4th quarter valued at about $31,000. Finally, Jones Financial Companies Lllp acquired a new position in Targa Resources during the 2nd quarter valued at about $32,000. 92.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, 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 completion of the sale, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TRGP. Scotiabank upped their price target 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. Jefferies Financial Group raised their price objective on shares of Targa Resources from $324.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Wells Fargo & Company boosted their target price on Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a report on Wednesday, September 2nd. JPMorgan Chase & Co. upped their target price on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, TD Cowen increased their price target on Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, August 7th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $301.18.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $294.78 on Wednesday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $307.94. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The firm has a 50-day moving average of $278.42 and a two-hundred day moving average of $260.88. The company has a market capitalization of $63.21 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 1.38 and a beta of 0.72.

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

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders 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 annualized dividend and a yield of 1.7%. Targa Resources’s payout ratio is 47.80%.

About Targa Resources

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.