Van ECK Associates Corp Raises Stake in Targa Resources Corp. (NYSE:TRGP)

Van ECK Associates Corp lifted its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 8.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,523 shares of the pipeline company's stock after purchasing an additional 5,288 shares during the quarter. Van ECK Associates Corp's holdings in Targa Resources were worth $10,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources in the second quarter worth approximately $29,000. DT Investment Partners LLC purchased a new position in shares of Targa Resources during the 3rd quarter worth $29,000. UMB Bank n.a. boosted its stake in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new position in shares of Targa Resources during the 2nd quarter worth $44,000. Finally, Rogco LP purchased a new position in shares of Targa Resources during the 1st quarter valued at $56,000. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TRGP shares. Wells Fargo & Company lifted their target price on shares of Targa Resources from $153.00 to $190.00 and gave the company an "overweight" rating in a research note on Wednesday. Argus upgraded shares of Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Royal Bank of Canada lifted their target price on shares of Targa Resources from $153.00 to $172.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Truist Financial lifted their target price on shares of Targa Resources from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Barclays lifted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a report on Tuesday, October 15th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $157.21.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business's stock in a transaction dated Tuesday, September 24th. The shares were 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 of the company's stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction that occurred 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 directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 160,764 shares of company stock valued at $24,829,770 in the last three months. Company insiders own 1.44% of the company's stock.

Targa Resources Trading Up 0.7 %

Shares of TRGP stock traded up $1.37 during trading hours on Thursday, reaching $187.41. 431,165 shares of the stock were exchanged, compared to its average volume of 1,648,789. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $189.62. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company's 50-day moving average price is $157.18 and its 200-day moving average price is $137.19. The firm has a market capitalization of $41.06 billion, a price-to-earnings ratio of 39.17, a price-to-earnings-growth ratio of 1.31 and a beta of 2.24.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.85 billion during the quarter, compared to analysts' expectations of $4.24 billion. During the same period in the previous year, the company earned $0.97 EPS. As a group, equities analysts anticipate that Targa Resources Corp. will post 5.96 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a $0.75 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.60%. Targa Resources's dividend payout ratio (DPR) is 63.16%.

Targa Resources Company 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.