Hsbc Holdings PLC Acquires 14,257 Shares of Targa Resources, Inc. $TRGP

Hsbc Holdings PLC grew its stake in Targa Resources, Inc. (NYSE:TRGP) by 1.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,020,283 shares of the pipeline company’s stock after buying an additional 14,257 shares during the period. Hsbc Holdings PLC owned approximately 0.48% of Targa Resources worth $274,660,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in TRGP. BlackRock Inc. raised its stake in shares of Targa Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after acquiring an additional 291,114 shares in the last quarter. State Street Corp boosted its position in Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after purchasing an additional 162,878 shares during the period. Geode Capital Management LLC grew its holdings in Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Norges Bank acquired a new position in Targa Resources during the fourth quarter valued at approximately $735,758,000. Finally, Tortoise Capital Advisors L.L.C. grew its holdings in Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after purchasing an additional 572,562 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were 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 in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. UBS Group restated a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. 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 report on Tuesday, May 12th. TD Cowen boosted their target price on shares of Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday, August 7th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a research report on Friday, August 7th. Finally, Royal Bank Of Canada upped their price target on shares of Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $301.18.

Targa Resources Trading Up 0.1%

Targa Resources stock opened at $290.20 on Monday. The business has a 50 day moving average price of $277.51 and a two-hundred day moving average price of $259.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $307.94. The stock has a market cap of $62.23 billion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 1.38 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 69.26% and a net margin of 13.55%. As a group, equities analysts forecast that Targa Resources, Inc. will post 11.23 EPS for the current year.

Targa Resources Announces Dividend

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

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.