Targa Resources Corp. (NYSE:TRGP) Shares Bought by Creative Planning

Creative Planning increased its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 15.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,237 shares of the pipeline company's stock after buying an additional 4,993 shares during the period. Creative Planning's holdings in Targa Resources were worth $4,795,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. UMB Bank n.a. grew 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 worth $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $44,000. Register Financial Advisors LLC bought a new stake in shares of Targa Resources in the 1st quarter valued at approximately $45,000. Rogco LP purchased a new position in shares of Targa Resources in the 1st quarter worth approximately $56,000. Finally, EdgeRock Capital LLC bought a new position in shares of Targa Resources during the 2nd quarter valued at approximately $69,000. 92.13% of the stock is owned by institutional investors.

Insider Activity

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 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 in the company, valued at $25,504,736.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,534 shares of company stock worth $26,815,021. Corporate insiders own 1.39% of the company's stock.

Targa Resources Stock Up 1.6 %

NYSE TRGP traded up $2.48 during trading on Friday, reaching $157.98. 1,097,132 shares of the company's stock traded hands, compared to its average volume of 1,647,071. The company's 50 day simple moving average is $144.10 and its two-hundred day simple moving average is $128.23. Targa Resources Corp. has a 12-month low of $77.97 and a 12-month high of $158.12. The firm has a market cap of $35.03 billion, a price-to-earnings ratio of 32.29, a price-to-earnings-growth ratio of 1.16 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

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

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Wednesday, July 31st. Targa Resources's payout ratio is 61.73%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TRGP. Morgan Stanley raised their price target on Targa Resources from $134.00 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, June 10th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an "overweight" rating in a research note on Monday, August 5th. Argus raised shares of Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Barclays boosted their target price on Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a research report on Wednesday, July 3rd. Finally, Truist Financial increased their price target on Targa Resources from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, August 5th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target 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.