Blue Trust Inc. Buys 1,423 Shares of Targa Resources Corp. (NYSE:TRGP)

Blue Trust Inc. raised its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 54.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,034 shares of the pipeline company's stock after acquiring an additional 1,423 shares during the period. Blue Trust Inc.'s holdings in Targa Resources were worth $720,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. MML Investors Services LLC boosted its holdings in Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock valued at $3,791,000 after purchasing an additional 10,100 shares in the last quarter. Nordea Investment Management AB grew its stake in Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock worth $5,070,000 after buying an additional 13,167 shares during the last quarter. Braun Stacey Associates Inc. bought a new stake in Targa Resources during the 3rd quarter worth approximately $11,042,000. Capital Investment Advisors LLC increased its stake in shares of Targa Resources by 191.4% in the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock valued at $1,476,000 after buying an additional 5,431 shares in the last quarter. Finally, Metis Global Partners LLC lifted its position in shares of Targa Resources by 12.7% during the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company's stock worth $3,784,000 after purchasing an additional 2,890 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several analyst reports. US Capital Advisors lowered shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price objective for the company. Truist Financial reduced their target price on Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, December 13th. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Finally, UBS Group lifted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $189.21.

Targa Resources Stock Performance

TRGP traded up $2.38 during trading hours on Thursday, reaching $205.24. The company's stock had a trading volume of 374,400 shares, compared to its average volume of 1,468,500. The company's 50-day moving average is $193.45 and its 200-day moving average is $167.94. Targa Resources Corp. has a 52 week low of $84.33 and a 52 week high of $218.51. The firm has a market cap of $44.75 billion, a PE ratio of 37.09, a price-to-earnings-growth ratio of 0.63 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the firm earned $0.97 earnings per share. On average, equities analysts forecast that Targa Resources Corp. will post 6.42 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources's dividend payout ratio is presently 54.25%.

Insider Activity

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company's stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is owned by company insiders.

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.