Havemeyer Place LP Takes Position in Targa Resources, Inc. $TRGP

Havemeyer Place LP purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 8,987 shares of the pipeline company’s stock, valued at approximately $1,658,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $37,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $42,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. The Goldman Sachs Group raised their price target on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research report on Monday, April 20th. TD Cowen raised their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Mizuho increased their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Barclays increased their target price on shares of Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Fifteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and an average target price of $269.21.

Targa Resources Stock Down 1.2%

NYSE TRGP opened at $264.19 on Friday. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The firm has a 50-day simple moving average of $253.46 and a 200 day simple moving average of $219.42. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The stock has a market cap of $56.71 billion, a PE ratio of 26.71, a PEG ratio of 1.35 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. On average, research analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio is 50.56%.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.37% of the stock is currently owned by corporate insiders.

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.