56,500 Shares in Targa Resources, Inc. $TRGP Purchased by Railway Pension Investments Ltd

Railway Pension Investments Ltd acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 56,500 shares of the pipeline company’s stock, valued at approximately $15,150,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Woodline Partners LP boosted its holdings in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after acquiring an additional 5,327 shares during the last quarter. Focus Partners Wealth grew its position in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. increased its position in Targa Resources by 6.3% in the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after buying an additional 219 shares in the last quarter. Brown Advisory Inc. increased its holdings in Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after acquiring an additional 524 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in shares of Targa Resources by 11.0% in the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after purchasing an additional 3,163 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 2.3%

NYSE:TRGP opened at $294.50 on Tuesday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $307.94. The firm has a fifty day simple moving average of $275.67 and a 200-day simple moving average of $257.93. 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 company has a market capitalization of $63.15 billion, a P/E ratio of 28.15, a PEG ratio of 1.37 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, equities research analysts anticipate that Targa Resources, Inc. will post 11.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.

Insider Transactions at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,400 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the transaction, the director directly owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following 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. Additional details regarding this sale are available in the official SEC disclosure. 1.37% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TRGP. Wolfe Research set a $335.00 price objective on shares of Targa Resources in a research report on Friday, August 7th. TD Cowen lifted their target price on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Barclays upped their price target on shares of Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Morgan Stanley increased their target price on Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 18th. Finally, Truist Financial raised 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $298.71.

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.