Benjamin Edwards Inc. Has $1.06 Million Stock Position in Targa Resources, Inc. $TRGP

Benjamin Edwards Inc. raised its holdings in Targa Resources, Inc. (NYSE:TRGP) by 177.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,951 shares of the pipeline company’s stock after purchasing an additional 2,528 shares during the quarter. Benjamin Edwards Inc.’s holdings in Targa Resources were worth $1,059,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TRGP. Woodline Partners LP raised its stake in Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after acquiring an additional 5,327 shares in the last quarter. Focus Partners Wealth increased its position in Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after purchasing an additional 2,404 shares in the last quarter. Baird Financial Group Inc. lifted its stake in Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after purchasing an additional 219 shares during the last quarter. Brown Advisory Inc. boosted its position in Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after buying an additional 524 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after buying an additional 3,163 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 3,000 shares of the 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 sale, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were 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 in the company, valued at $458,195.43. This represents a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TRGP. Erste Group Bank started coverage on Targa Resources in a research report on Thursday, June 25th. They issued a “buy” rating for the company. TD Cowen upped their price objective on Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a report on Friday, August 7th. JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Truist Financial boosted their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $298.71.

Targa Resources Stock Up 0.7%

Targa Resources stock opened at $295.82 on Wednesday. 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 market capitalization of $63.43 billion, a PE ratio of 28.28, a PEG ratio of 1.40 and a beta of 0.72. The firm’s fifty day moving average is $276.21 and its 200 day moving average is $258.45. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $307.94.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion during 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%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a dividend of $1.25 per share. 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 is presently 47.80%.

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.