Truist Financial Corp Buys 46,864 Shares of Targa Resources Corp. (NYSE:TRGP)

Truist Financial Corp grew its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 5.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 838,714 shares of the pipeline company's stock after purchasing an additional 46,864 shares during the quarter. Truist Financial Corp owned approximately 0.38% of Targa Resources worth $108,010,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. UMB Bank n.a. raised its position in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after purchasing an additional 222 shares during the period. Whittier Trust Co. bought a new position in Targa Resources during the second quarter worth about $44,000. Register Financial Advisors LLC bought a new position in Targa Resources during the first quarter worth about $45,000. Rogco LP bought a new position in Targa Resources during the first quarter worth about $56,000. Finally, EdgeRock Capital LLC bought a new position in Targa Resources during the second quarter worth about $69,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of TRGP traded up $2.66 during mid-day trading on Wednesday, reaching $153.24. The company had a trading volume of 1,432,291 shares, compared to its average volume of 1,653,231. The company's 50 day simple moving average is $143.63 and its 200 day simple moving average is $128.04. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $157.68. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The company has a market capitalization of $33.57 billion, a price-to-earnings ratio of 31.53, a P/E/G ratio of 1.16 and a beta of 2.26.

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

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.96%. Targa Resources's payout ratio is currently 61.73%.

Insider Activity

In related news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred 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 sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred 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 sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of Targa Resources 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 sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,534 shares of company stock worth $26,815,021. Corporate insiders own 1.39% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on TRGP. Argus raised shares of Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. Wells Fargo & Company raised their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an "overweight" rating in a research report on Monday, August 5th. Truist Financial raised their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, August 5th. Morgan Stanley raised their price target on shares of Targa Resources from $134.00 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $141.77.

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.