Sanctuary Advisors LLC bought a new stake in Targa Resources Corp. (NYSE:TRGP - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,470 shares of the pipeline company's stock, valued at approximately $1,992,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TRGP. Vanguard Group Inc. increased its holdings in Targa Resources by 0.8% during 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 in the last quarter. Caxton Associates LP bought a new stake in Targa Resources during the 2nd quarter worth approximately $2,323,000. Price T Rowe Associates Inc. MD increased its holdings in Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company's stock worth $119,712,000 after purchasing an additional 962,073 shares in the last quarter. New Mexico Educational Retirement Board increased its holdings in Targa Resources by 287.3% during the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company's stock worth $5,118,000 after purchasing an additional 33,900 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Targa Resources by 160.3% during the 1st quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company's stock worth $32,486,000 after purchasing an additional 178,655 shares in the last quarter. 92.13% of the stock is owned by institutional investors.
Targa Resources Stock Performance
TRGP traded up $3.86 during trading hours on Wednesday, hitting $162.15. The stock had a trading volume of 1,097,644 shares, compared to its average volume of 1,644,577. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $162.27. The company's fifty day simple moving average is $145.61 and its 200 day simple moving average is $129.52. The stock has a market cap of $35.52 billion, a PE ratio of 33.38, a price-to-earnings-growth ratio of 1.25 and a beta of 2.25. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.
Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion during 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 quarter last year, the company earned $1.44 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 5.9 earnings per share for the current year.
Targa Resources Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.85%. Targa Resources's payout ratio is 61.73%.
Insiders Place Their Bets
In other news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction on 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 transaction, the director now directly owns 110,470 shares of the company's stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction on 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 transaction, the director now directly owns 110,470 shares of the company's stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the firm's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares of the company's stock, valued at $4,027,784.18. The trade was 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 worth $26,815,021 over the last 90 days. Corporate insiders own 1.39% of the company's stock.
Analysts Set New Price Targets
A number of analysts have commented on TRGP shares. Argus raised Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Wells Fargo & Company upped their target price on Targa Resources from $124.00 to $153.00 and gave the company an "overweight" rating in a report on Monday, August 5th. UBS Group lifted their price target on Targa Resources from $116.00 to $147.00 and gave the stock a "buy" rating in a report on Tuesday, June 11th. Barclays boosted their price objective on Targa Resources from $123.00 to $138.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 3rd. Finally, Truist Financial raised their target price on Targa Resources from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $141.77.
View Our Latest Analysis on Targa Resources
Targa Resources Company Profile
(
Free Report)
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.
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