Assenagon Asset Management S.A. Increases Stake in Targa Resources, Inc. $TRGP

Assenagon Asset Management S.A. grew its position in Targa Resources, Inc. (NYSE:TRGP) by 11.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,229 shares of the pipeline company’s stock after acquiring an additional 8,035 shares during the period. Assenagon Asset Management S.A.’s holdings in Targa Resources were worth $19,865,000 at the end of the most recent quarter.

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

Insider Activity

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Scotiabank increased their target price on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. TD Cowen lifted their price target on shares of Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Mizuho boosted their price target on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Truist Financial upped their price target on Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $272.73.

Targa Resources Stock Performance

NYSE:TRGP opened at $272.83 on Friday. The company has a market cap of $58.56 billion, a P/E ratio of 27.59, a P/E/G ratio of 1.40 and a beta of 0.72. The firm’s 50 day moving average is $259.59 and its two-hundred day moving average is $229.14. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. 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 (NYSE:TRGP) last announced its quarterly 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 net margin of 12.87% and a return on equity of 71.00%. Analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s payout ratio is 50.56%.

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.