Duff & Phelps Investment Management Co. Has $105.41 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Duff & Phelps Investment Management Co. trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 11.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 818,524 shares of the pipeline company's stock after selling 104,961 shares during the period. Targa Resources comprises 1.3% of Duff & Phelps Investment Management Co.'s investment portfolio, making the stock its 22nd largest position. Duff & Phelps Investment Management Co. owned 0.37% of Targa Resources worth $105,410,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company's stock worth $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Blackstone Inc. raised its stake in shares of Targa Resources by 2.7% in the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company's stock valued at $1,085,794,000 after acquiring an additional 252,729 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock worth $296,647,000 after purchasing an additional 271,444 shares during the period. Westwood Holdings Group Inc. lifted its stake in shares of Targa Resources by 13.7% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,772,359 shares of the pipeline company's stock valued at $153,965,000 after buying an additional 213,070 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company's stock worth $194,720,000 after acquiring an additional 360,675 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TRGP. Barclays increased their price target on Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a research report on Wednesday, July 3rd. Truist Financial lifted their price target on shares of Targa Resources from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Morgan Stanley boosted their price objective on Targa Resources from $134.00 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, June 10th. JPMorgan Chase & Co. lifted their target price on Targa Resources from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Tuesday, July 2nd. Finally, UBS Group boosted their target price on Targa Resources from $116.00 to $147.00 and gave the stock a "buy" rating in a research report on Tuesday, June 11th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $141.77.

Targa Resources Stock Up 0.3 %

Targa Resources stock traded up $0.49 during midday trading on Friday, reaching $146.80. The stock had a trading volume of 2,341,546 shares, compared to its average volume of 1,653,085. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company has a fifty day moving average price of $142.70 and a two-hundred day moving average price of $127.10. The company has a market capitalization of $32.16 billion, a P/E ratio of 30.21, a PEG ratio of 1.24 and a beta of 2.26. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $157.68.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the previous year, the firm earned $1.44 earnings per share. As a group, equities analysts expect that Targa Resources Corp. will post 5.88 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources's dividend payout ratio is 61.73%.

Insider Buying and Selling at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares of the company's stock, valued at $25,504,736.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by 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.