Raymond James & Associates Sells 12,552 Shares of Targa Resources Corp. (NYSE:TRGP)

Posted by Defense World Staff on Oct 16th, 2023

Raymond James & Associates reduced its position in shares of Targa Resources Corp. (NYSE:TRGP – Free Report) by 5.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 208,927 shares of the pipeline company’s stock after selling 12,552 shares during the period. Raymond James & Associates owned 0.09% of Targa Resources worth $15,899,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Creative Planning boosted its stake in shares of Targa Resources by 5.0% in the 2nd quarter. Creative Planning now owns 22,596 shares of the pipeline company’s stock worth $1,720,000 after buying an additional 1,072 shares during the last quarter. TFG Advisers LLC boosted its position in Targa Resources by 6.2% in the second quarter. TFG Advisers LLC now owns 9,378 shares of the pipeline company’s stock worth $714,000 after purchasing an additional 547 shares during the last quarter. New Mexico Educational Retirement Board grew its stake in Targa Resources by 4.8% in the 2nd quarter. New Mexico Educational Retirement Board now owns 11,000 shares of the pipeline company’s stock valued at $837,000 after purchasing an additional 500 shares during the period. Viking Fund Management LLC increased its position in shares of Targa Resources by 18.5% during the 1st quarter. Viking Fund Management LLC now owns 77,000 shares of the pipeline company’s stock valued at $5,617,000 after purchasing an additional 12,000 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Targa Resources during the 1st quarter worth $35,000. 90.21% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Up 2.0 %

Shares of NYSE TRGP opened at $87.22 on Monday. The business has a 50-day simple moving average of $84.57 and a two-hundred day simple moving average of $77.97. Targa Resources Corp. has a 52 week low of $64.80 and a 52 week high of $88.01. The company has a market cap of $19.51 billion, a P/E ratio of 23.64 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 2.60.

Targa Resources (NYSE:TRGP – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.21. The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $4.56 billion. Targa Resources had a net margin of 4.75% and a return on equity of 18.14%. Research analysts anticipate that Targa Resources Corp. will post 4.89 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Tuesday, October 31st will be issued a $0.50 dividend. The ex-dividend date is Monday, October 30th. This represents a $2.00 annualized dividend and a dividend yield of 2.29%. Targa Resources’s payout ratio is currently 54.20%.

Insider Buying and Selling

In related news, CAO Julie H. Boushka sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $80.81, for a total transaction of $80,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 60,066 shares in the company, valued at $4,853,933.46. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Targa Resources news, CAO Julie H. Boushka sold 1,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $80.81, for a total transaction of $80,810.00. Following the completion of the sale, the chief accounting officer now directly owns 60,066 shares in the company, valued at $4,853,933.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Regina Gregory sold 1,819 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $84.58, for a total transaction of $153,851.02. Following the completion of the transaction, the insider now directly owns 47,304 shares of the company’s stock, valued at approximately $4,000,972.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,610 shares of company stock worth $1,215,524. Corporate insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on TRGP. Citigroup increased their price target on shares of Targa Resources from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. The Goldman Sachs Group assumed coverage on shares of Targa Resources in a research note on Thursday, October 5th. They set a “buy” rating and a $101.00 price target for the company. Morgan Stanley upped their price objective on Targa Resources from $106.00 to $114.00 and gave the company an “overweight” rating in a research note on Tuesday, August 29th. Royal Bank of Canada raised their target price on Targa Resources from $104.00 to $108.00 and gave the stock an “outperform” rating in a research report on Friday, August 4th. Finally, TheStreet raised Targa Resources from a “c+” rating to a “b” rating in a research report on Tuesday, September 5th. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Buy” and an average target price of $102.64.

Get Our Latest Analysis on Targa Resources

About Targa Resources

(Free Report)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.