Axecap Investments LLC Takes Position in Targa Resources Corp. (NYSE:TRGP)

Axecap Investments LLC bought a new stake in Targa Resources Corp. (NYSE:TRGP) during the third quarter, Holdings Channel reports. The institutional investor bought 21,931 shares of the pipeline company’s stock, valued at approximately $3,246,000. Targa Resources accounts for 2.5% of Axecap Investments LLC’s holdings, making the stock its 15th largest holding.

A number of other large investors also recently made changes to their positions in TRGP. Zurich Insurance Group Ltd FI bought a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $72,345,000. American Century Companies Inc. grew its stake in shares of Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after buying an additional 557,832 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after buying an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares in the last quarter. Finally, Blackstone Inc. boosted its position in Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after purchasing an additional 252,729 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $165.83 on Thursday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The stock has a fifty day moving average price of $151.99 and a two-hundred day moving average price of $133.31. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $167.79. The firm has a market capitalization of $36.33 billion, a P/E ratio of 34.91, a P/E/G ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the company posted $1.44 earnings per share. As a group, analysts anticipate that Targa Resources Corp. will post 5.92 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is presently 63.16%.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the transaction, the director now owns 238,591 shares in the company, valued at approximately $32,531,882.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,534 shares of company stock worth $26,815,021. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TRGP shares. Royal Bank of Canada upped their target price on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group upped their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Truist Financial upped their price target on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Scotiabank upped their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $148.36.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.