Tidal Investments LLC Buys 29,390 Shares of Targa Resources, Inc. $TRGP

Tidal Investments LLC grew its stake in Targa Resources, Inc. (NYSE:TRGP) by 238.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,741 shares of the pipeline company’s stock after buying an additional 29,390 shares during the quarter. Tidal Investments LLC’s holdings in Targa Resources were worth $11,192,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. California State Teachers Retirement System grew its stake in shares of Targa Resources by 37,275.4% during the 2nd quarter. California State Teachers Retirement System now owns 93,258,824 shares of the pipeline company’s stock valued at $25,006,421,000 after acquiring an additional 93,009,305 shares during the period. BlackRock Inc. increased its holdings in Targa Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after acquiring an additional 291,114 shares in the last quarter. State Street Corp raised its stake in Targa Resources by 1.3% during the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after acquiring an additional 162,878 shares during the period. Geode Capital Management LLC raised its stake in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after acquiring an additional 45,495 shares during the period. Finally, Norges Bank purchased a new position in Targa Resources during the fourth quarter valued at approximately $735,758,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $290.25 on Friday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The company has a fifty day simple moving average of $280.39 and a two-hundred day simple moving average of $261.98. The firm has a market capitalization of $62.24 billion, a P/E ratio of 27.75, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 13.55% and a return on equity of 69.26%. Analysts anticipate that Targa Resources, Inc. will post 11.32 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent analyst reports. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a research note on Wednesday, September 2nd. Wolfe Research set a $335.00 target price on shares of Targa Resources in a report on Friday, August 7th. TD Cowen increased their price target on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. Finally, Raymond James Financial set a $335.00 price target on Targa Resources in a report on Friday, August 7th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $309.94.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred 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 completion of the transaction, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 7,216 shares of company stock valued at $2,127,634 over the last ninety days. 1.37% of the stock is owned by insiders.

Targa Resources Company Profile

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.