PensionDanmark Pensionsforsikringsaktieselskab Buys 3,400 Shares of Targa Resources, Inc. $TRGP

PensionDanmark Pensionsforsikringsaktieselskab boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 9.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,952 shares of the pipeline company’s stock after buying an additional 3,400 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in Targa Resources were worth $10,445,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of TRGP. Atlantic Union Bankshares Corp acquired a new position in Targa Resources during the fourth quarter worth $27,000. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources in the 4th quarter valued at $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the 4th quarter valued at $31,000. CoreCap Advisors LLC grew its holdings in shares of Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 91 shares during the last quarter. Finally, Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth about $37,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. UBS Group reiterated a “buy” rating and issued a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Wolfe Research set a $335.00 target price on Targa Resources in a report on Friday. Mizuho raised their price target on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group lifted their price objective on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $295.24.

Key Stories Impacting Targa Resources

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Strong Q2 earnings and guidance: Targa reported adjusted EBITDA of $1.603 billion, up 38% year over year, while EPS of $3.54 exceeded the $2.83 consensus estimate. Management now expects full-year adjusted EBITDA toward the high end of its $5.7 billion–$5.9 billion range. Reuters article
• Positive Sentiment: Volume growth and project execution: Record Permian inlet volumes, NGL transportation, fractionation and LPG exports supported results. Targa also brought its Train 11 fractionator, Delaware Express expansion and East Driver processing plant online, with East Driver starting ahead of schedule.
• Positive Sentiment: Shareholder returns and analyst support: Targa raised its quarterly dividend 25% to $1.25 per share and repurchased $80 million of stock. Wells Fargo raised its price target to $282 and assigned an “overweight” rating; TD Cowen lifted its target to $275, although it maintained a “hold” rating. Benzinga article
• Neutral Sentiment: Revenue performance was mixed: Quarterly revenue rose 4% to $4.44 billion but fell short of the $4.90 billion analyst forecast. Lower natural-gas prices and unfavorable hedge impacts limited commodity-sales growth, while higher fee-based midstream revenue helped offset the weakness.
• Negative Sentiment: Commodity and balance-sheet risks remain: Negative Waha natural-gas prices in the Permian, higher operating and depreciation expenses, approximately $19.6 billion of debt and planned 2026 growth capital spending of about $4.5 billion may concern investors. The stock’s recent decline suggests the strong earnings beat and guidance raise were not enough to overcome those concerns.

Targa Resources Price Performance

Shares of TRGP stock opened at $257.25 on Friday. The firm’s 50 day moving average price is $268.84 and its two-hundred day moving average price is $247.93. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $291.04. The stock has a market cap of $55.22 billion, a PE ratio of 24.59, a PEG ratio of 1.30 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 73.14%. As a group, analysts forecast that Targa Resources, Inc. will post 10.92 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio is currently 50.56%.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.37% of the company’s stock.

Targa Resources 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.