Barclays PLC Boosts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Barclays PLC lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 19.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,034,545 shares of the pipeline company's stock after acquiring an additional 168,602 shares during the quarter. Barclays PLC owned approximately 0.47% of Targa Resources worth $153,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. DT Investment Partners LLC acquired a new stake in Targa Resources during the third quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources during the 2nd quarter worth approximately $29,000. UMB Bank n.a. increased its stake in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources during the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources during the second quarter worth $44,000. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on TRGP shares. Truist Financial lifted their price target on shares of Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a research note on Friday, November 15th. The Goldman Sachs Group upped their price target on Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Morgan Stanley raised their price objective on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Stifel Nicolaus boosted their price objective on Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Finally, UBS Group lifted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a research report on Friday, November 15th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $176.50.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company's stock, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 183,260 shares of company stock valued at $29,661,212 over the last three months. 1.44% of the stock is currently owned by insiders.

Targa Resources Stock Up 0.5 %

Targa Resources stock traded up $0.94 during midday trading on Wednesday, hitting $186.28. 1,707,559 shares of the stock were exchanged, compared to its average volume of 1,654,185. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business's 50-day moving average price is $180.92 and its 200-day moving average price is $151.53. The stock has a market capitalization of $40.62 billion, a price-to-earnings ratio of 33.69, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the business earned $0.97 EPS. On average, research analysts expect that Targa Resources Corp. will post 6.26 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.61%. Targa Resources's payout ratio is 54.25%.

About Targa Resources

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.