19,700 Shares in Targa Resources, Inc. $TRGP Acquired by Readystate Asset Management LP

Readystate Asset Management LP acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 19,700 shares of the pipeline company’s stock, valued at approximately $5,282,000.

Several other large investors have also made changes to their positions in TRGP. Hardy Reed LLC raised its holdings in shares of Targa Resources by 1.0% during the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after purchasing an additional 41 shares during the last quarter. Versant Capital Management Inc lifted its position in Targa Resources by 4.1% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock valued at $307,000 after purchasing an additional 45 shares during the period. Premier Path Wealth Partners LLC boosted its holdings in Targa Resources by 2.3% in the second quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company’s stock valued at $537,000 after purchasing an additional 45 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings in Targa Resources by 10.5% in the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after purchasing an additional 50 shares during the last quarter. Finally, River Wealth Advisors LLC grew its position in Targa Resources by 0.3% during the 2nd quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock worth $5,217,000 after purchasing an additional 50 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Paul Chung sold 1,816 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director S Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 7,216 shares of company stock worth $2,127,634 over the last three months. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Stock Up 0.1%

TRGP opened at $290.20 on Monday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The company has a fifty day moving average of $277.51 and a two-hundred day moving average of $259.94. The stock has a market capitalization of $62.23 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. On average, research analysts expect that Targa Resources, Inc. will post 11.23 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources’s payout ratio is 47.80%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Jefferies Financial Group lifted their price objective on Targa Resources from $324.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. UBS Group restated a “buy” rating and issued a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Scotiabank raised their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Wolfe Research set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. Finally, Morgan Stanley boosted their price target on Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus target price of $301.18.

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.