Chapin Davis Inc. Purchases 30,540 Shares of Targa Resources Corp. (NYSE:TRGP)

Chapin Davis Inc. grew its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 1,235.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,011 shares of the pipeline company's stock after purchasing an additional 30,540 shares during the period. Targa Resources makes up about 1.6% of Chapin Davis Inc.'s holdings, making the stock its 12th biggest position. Chapin Davis Inc.'s holdings in Targa Resources were worth $4,886,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV boosted its stake in Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company's stock worth $138,000 after purchasing an additional 83 shares during the period. Fifth Third Bancorp boosted its position in shares of Targa Resources by 1.0% in the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company's stock valued at $1,148,000 after acquiring an additional 89 shares during the period. Catalina Capital Group LLC grew its stake in Targa Resources by 3.4% during the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company's stock valued at $392,000 after acquiring an additional 99 shares in the last quarter. Gulf International Bank UK Ltd increased its holdings in Targa Resources by 0.6% during the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company's stock worth $1,981,000 after acquiring an additional 100 shares during the period. Finally, &PARTNERS lifted its stake in Targa Resources by 1.1% in the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company's stock worth $1,302,000 after purchasing an additional 107 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business's 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 transaction, the director now directly owns 110,470 shares of the company's stock, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the company's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now owns 29,603 shares of the company's stock, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock valued at $26,815,021 in the last quarter. Insiders own 1.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TRGP. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a research report on Thursday, September 19th. Truist Financial upped their target price on Targa Resources from $125.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Royal Bank of Canada boosted their price objective on Targa Resources from $147.00 to $153.00 and gave the stock an "outperform" rating in a report on Tuesday, August 13th. Barclays raised their target price on shares of Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a research note on Wednesday, July 3rd. Finally, Scotiabank increased their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 17th. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $141.77.

Targa Resources Trading Down 1.0 %

NYSE TRGP traded down $1.58 during trading on Tuesday, hitting $156.50. 144,732 shares of the company's stock traded hands, compared to its average volume of 1,640,565. The stock has a fifty day moving average of $144.63 and a two-hundred day moving average of $128.86. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $159.72. The firm has a market cap of $34.70 billion, a P/E ratio of 32.53, a PEG ratio of 1.21 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 posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates 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 company earned $1.44 EPS. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.88 EPS for the current 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. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 1.92%. Targa Resources's payout ratio is currently 61.73%.

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.