Truist Financial Corp lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP – Free Report) by 15.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 736,553 shares of the pipeline company’s stock after purchasing an additional 100,124 shares during the quarter. Truist Financial Corp owned 0.33% of Targa Resources worth $63,984,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Ballentine Partners LLC grew its position in Targa Resources by 4.4% during the 3rd quarter. Ballentine Partners LLC now owns 3,370 shares of the pipeline company’s stock worth $289,000 after acquiring an additional 142 shares during the last quarter. Harvest Fund Management Co. Ltd raised its stake in Targa Resources by 36.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock valued at $48,000 after buying an additional 150 shares during the last quarter. HB Wealth Management LLC raised its stake in Targa Resources by 3.3% during the fourth quarter. HB Wealth Management LLC now owns 4,970 shares of the pipeline company’s stock valued at $432,000 after buying an additional 160 shares during the last quarter. Ieq Capital LLC increased its holdings in shares of Targa Resources by 3.1% in the 3rd quarter. Ieq Capital LLC now owns 5,687 shares of the pipeline company’s stock worth $487,000 after purchasing an additional 171 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its holdings in shares of Targa Resources by 4.9% in the 4th quarter. Meeder Advisory Services Inc. now owns 4,084 shares of the pipeline company’s stock worth $355,000 after purchasing an additional 192 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares in the company, valued at $15,141,506. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the transaction, the director now owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock valued at $7,987,215 over the last quarter. Company insiders own 1.39% of the company’s stock.
Targa Resources Stock Performance
Shares of Targa Resources stock traded down $0.82 on Friday, reaching $116.86. 1,602,709 shares of the stock were exchanged, compared to its average volume of 1,657,967. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $117.87. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The business has a fifty day moving average price of $108.36 and a two-hundred day moving average price of $93.98. The firm has a market capitalization of $26.01 billion, a PE ratio of 31.84 and a beta of 2.21.
Targa Resources (NYSE:TRGP – Get Free Report) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, research analysts anticipate that Targa Resources Corp. will post 5.8 earnings per share for the current fiscal year.
Targa Resources Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.57%. Targa Resources’s dividend payout ratio is presently 81.74%.
Wall Street Analysts Forecast Growth
Several equities analysts recently weighed in on TRGP shares. UBS Group lowered their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Royal Bank of Canada upped their target price on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Truist Financial upped their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Barclays increased their price objective on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, Stifel Nicolaus upped their target price on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.55.
Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.
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