Targa Resources, Inc. $TRGP Shares Acquired by Gabelli Funds LLC

Gabelli Funds LLC raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 3.9% in the first quarter, HoldingsChannel reports. The firm owned 48,100 shares of the pipeline company’s stock after acquiring an additional 1,800 shares during the period. Gabelli Funds LLC’s holdings in Targa Resources were worth $12,060,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. bought a new position in Targa Resources in the 4th quarter worth approximately $30,000. Leonteq Securities AG bought a new position in Targa Resources in the 4th quarter worth approximately $31,000. Godfrey Financial Associates Inc. acquired a new stake in Targa Resources in the 4th quarter valued at approximately $37,000. Finally, Global Assets Advisory LLC acquired a new stake in Targa Resources in the 1st quarter valued at approximately $41,000. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.37% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

TRGP opened at $281.04 on Monday. The company has a market capitalization of $60.32 billion, a price-to-earnings ratio of 28.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. 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, Inc. has a 1-year low of $144.14 and a 1-year high of $291.04. The business has a 50 day moving average price of $269.86 and a two-hundred day moving average price of $242.40.

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. Research analysts predict that Targa Resources, Inc. will post 10.76 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio is 50.56%.

Analyst Ratings Changes

A number of research analysts have issued reports on TRGP shares. Barclays boosted their price target on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Scotiabank raised their price target on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Erste Group Bank assumed coverage on shares of Targa Resources in a research note on Thursday, June 25th. They set a “buy” rating on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $310.00 price objective on shares of Targa Resources in a report on Tuesday, July 21st. Finally, Citigroup reiterated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $288.00.

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.