Brown Brothers Harriman & Co. Buys 190 Shares of Targa Resources Corp. (NYSE:TRGP)

Brown Brothers Harriman & Co. raised its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 28.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 848 shares of the pipeline company’s stock after purchasing an additional 190 shares during the period. Brown Brothers Harriman & Co.’s holdings in Targa Resources were worth $109,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in TRGP. UMB Bank n.a. boosted its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the last quarter. Spire Wealth Management boosted its position in shares of Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 264 shares during the last quarter. Whittier Trust Co. purchased a new position in shares of Targa Resources in the second quarter valued at $44,000. Register Financial Advisors LLC bought a new stake in Targa Resources in the first quarter worth $45,000. Finally, Quarry LP purchased a new stake in Targa Resources during the fourth quarter valued at $50,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $152.19 on Thursday. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $154.24. The company has a market capitalization of $33.34 billion, a PE ratio of 31.31, a P/E/G ratio of 1.19 and a beta of 2.26. The company has a 50 day moving average price of $140.27 and a 200-day moving average price of $124.73. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP) last issued 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 business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations 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 in the prior year, the business earned $1.44 EPS. As a group, equities analysts forecast that Targa Resources Corp. will post 5.89 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.97%. Targa Resources’s dividend payout ratio is presently 61.73%.

Insider Activity at Targa Resources

In other Targa Resources 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 transaction of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The disclosure for this sale can be found here. Insiders have sold a total of 35,534 shares of company stock valued at $4,788,590 over the last ninety days. 1.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Truist Financial upped their price objective on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. UBS Group increased their price target on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Finally, Scotiabank lifted their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $140.54.

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.