Targa Resources Corp. (NYSE:TRGP) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 0.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 850,472 shares of the pipeline company’s stock after selling 464 shares during the period. Hsbc Holdings PLC owned 0.38% of Targa Resources worth $110,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of TRGP. Blackstone Inc. boosted its stake in Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after acquiring an additional 3,554,989 shares in the last quarter. Norges Bank acquired a new position in Targa Resources in the fourth quarter valued at $187,123,000. Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after acquiring an additional 962,073 shares in the last quarter. American Century Companies Inc. boosted its stake in Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after acquiring an additional 557,832 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Targa Resources by 71.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after buying an additional 428,276 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TRGP. Truist Financial upped their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. The Goldman Sachs Group upped their target price on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Morgan Stanley upped their target price on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, June 10th. Royal Bank of Canada upped their target price on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. One equities research 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $140.54.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the transaction, the insider now directly 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 at this link. In other news, insider Robert Muraro sold 9,900 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul W. Chung sold 5,264 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $138.03, for a total transaction of $726,589.92. Following the completion of the sale, the director now owns 232,827 shares in the company, valued at $32,137,110.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,534 shares of company stock valued at $4,788,590. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Trading Up 0.1 %

NYSE TRGP opened at $152.19 on Thursday. The stock has a market capitalization of $33.34 billion, a P/E ratio of 31.31, a P/E/G ratio of 1.19 and a beta of 2.26. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $154.24. The firm has a 50-day moving average price of $140.27 and a 200 day moving average price of $124.73. 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) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $4.33 billion. During the same period last year, the company posted $1.44 earnings per share. Equities research analysts expect that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.97%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

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.