Harrison Street Private Wealth LLC Takes Position in Targa Resources, Inc. $TRGP

Harrison Street Private Wealth LLC bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 17,850 shares of the pipeline company’s stock, valued at approximately $4,476,000. Targa Resources comprises approximately 5.9% of Harrison Street Private Wealth LLC’s investment portfolio, making the stock its 7th biggest position.

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

Targa Resources Trading Up 0.4%

NYSE:TRGP opened at $258.85 on Friday. The company has a market cap of $55.56 billion, a PE ratio of 26.17, a P/E/G ratio of 1.32 and a beta of 0.71. The business’s 50 day moving average is $261.91 and its two-hundred day moving average is $231.75. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.9%. The ex-dividend date was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is presently 50.56%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TRGP. TD Cowen upped their price objective on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Truist Financial increased their target price on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Mizuho lifted their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Erste Group Bank began coverage on Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. Finally, Morgan Stanley boosted their target price on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Seventeen investment 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 price target of $272.73.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.37% of the company’s stock.

About Targa Resources

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.