Allspring Global Investments Holdings LLC Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Allspring Global Investments Holdings LLC decreased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 10.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 900,830 shares of the pipeline company's stock after selling 102,184 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.41% of Targa Resources worth $133,332,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company's stock worth $3,025,521,000 after buying an additional 201,817 shares during the last quarter. Blackstone Inc. grew its position in Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company's stock worth $1,085,794,000 after acquiring an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock worth $296,647,000 after acquiring an additional 271,444 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Targa Resources by 26.2% in 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 purchasing an additional 360,675 shares in the last quarter. Finally, Truist Financial Corp raised its position in Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company's stock valued at $108,010,000 after purchasing an additional 46,864 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Up 0.5 %

NYSE TRGP traded up $0.83 during trading hours on Friday, hitting $162.75. 843,919 shares of the company's stock were exchanged, compared to its average volume of 1,825,319. The firm has a market cap of $35.66 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 1.27 and a beta of 2.25. The stock has a 50-day simple moving average of $150.42 and a 200 day simple moving average of $132.40. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $167.79.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter last year, the firm posted $1.44 EPS. On average, equities analysts forecast that Targa Resources Corp. will post 6 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. Targa Resources's dividend payout ratio is currently 63.16%.

Insider Activity

In related news, CAO Julie H. Boushka sold 1,213 shares of the business's stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares of the company's stock, valued at $6,898,969.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul W. Chung sold 916 shares of the business's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the sale, the director now owns 238,591 shares of the company's stock, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,534 shares of company stock worth $26,815,021. Company insiders own 1.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TRGP shares. Royal Bank of Canada boosted their price target on Targa Resources from $153.00 to $172.00 and gave the stock an "outperform" rating in a report on Wednesday. Barclays upped their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a research report on Tuesday, October 15th. Scotiabank lifted 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. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday. They issued a "buy" rating and a $182.00 price objective on the stock. Finally, Truist Financial raised their target price on Targa Resources from $125.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, August 5th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $148.36.

Targa Resources 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.