Targa Resources, Inc. $TRGP Shares Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. increased its stake in Targa Resources, Inc. (NYSE:TRGP) by 11.3% in the first quarter, Holdings Channel reports. The institutional investor owned 79,229 shares of the pipeline company’s stock after acquiring an additional 8,035 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Targa Resources were worth $19,865,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in TRGP. Olistico Wealth LLC acquired a new position in Targa Resources during the 4th quarter worth $27,000. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. bought a new stake in Targa Resources in the fourth quarter valued at about $30,000. Leonteq Securities AG bought a new stake in Targa Resources in the fourth quarter valued at about $31,000. Finally, Godfrey Financial Associates Inc. acquired a new stake in Targa Resources during the fourth quarter valued at approximately $37,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group boosted their price target on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. TD Cowen increased their target price on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Finally, Barclays raised their target price on shares of Targa Resources from $262.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday. Seventeen 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, the company has an average rating of “Moderate Buy” and a consensus target price of $272.73.

Targa Resources Price Performance

NYSE TRGP opened at $272.83 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The firm has a market capitalization of $58.56 billion, a PE ratio of 27.59, a P/E/G ratio of 1.40 and a beta of 0.72. The company’s 50 day simple moving average is $259.59 and its 200 day simple moving average is $229.14. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. As a group, equities research analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current fiscal 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 given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

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.