Targa Resources Corp. (NYSE:TRGP) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 13.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,405 shares of the pipeline company’s stock after acquiring an additional 2,090 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Targa Resources were worth $1,512,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of TRGP. Addison Advisors LLC purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $27,000. VisionPoint Advisory Group LLC increased its stake in Targa Resources by 111.2% during the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 209 shares during the last quarter. EdgeRock Capital LLC purchased a new stake in Targa Resources in the fourth quarter valued at $42,000. Delos Wealth Advisors LLC purchased a new stake in Targa Resources in the fourth quarter valued at $43,000. Finally, Quarry LP purchased a new position in shares of Targa Resources during the 4th quarter worth $50,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $125.10 on Friday. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The company has a market cap of $27.74 billion, a price-to-earnings ratio of 25.74, a price-to-earnings-growth ratio of 0.74 and a beta of 2.21. The stock’s 50-day moving average is $116.48 and its two-hundred day moving average is $102.48. Targa Resources Corp. has a 1-year low of $69.86 and a 1-year high of $129.68.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. Analysts forecast that Targa Resources Corp. will post 5.27 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.40%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is presently 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the completion of the sale, the insider now directly owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the sale, the insider now owns 196,951 shares of the company’s stock, valued at $23,649,876.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 7,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the completion of the transaction, the director now owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The disclosure for this sale can be found here. Insiders have sold 42,691 shares of company stock valued at $4,894,563 over the last quarter. 1.39% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Royal Bank of Canada upped their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Barclays boosted their target price on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. 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. Finally, Truist Financial boosted their price objective on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $128.58.

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.