1832 Asset Management L.P. Has $20.25 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

1832 Asset Management L.P. raised its position in shares of Targa Resources Corp. (NYSE:TRGP) by 611.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,243 shares of the pipeline company’s stock after purchasing an additional 135,143 shares during the period. 1832 Asset Management L.P. owned approximately 0.07% of Targa Resources worth $20,250,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its holdings in shares of Targa Resources by 1.4% during the 2nd quarter. ProShare Advisors LLC now owns 71,693 shares of the pipeline company’s stock worth $9,233,000 after buying an additional 979 shares in the last quarter. Profund Advisors LLC grew its position in Targa Resources by 8.5% in the second quarter. Profund Advisors LLC now owns 11,982 shares of the pipeline company’s stock valued at $1,543,000 after acquiring an additional 938 shares during the last quarter. Summit Trail Advisors LLC raised its stake in Targa Resources by 36.3% during the second quarter. Summit Trail Advisors LLC now owns 3,646 shares of the pipeline company’s stock worth $470,000 after acquiring an additional 971 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Targa Resources by 2.7% during the second quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock worth $1,202,000 after acquiring an additional 245 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Targa Resources by 21.0% in the second quarter. Sei Investments Co. now owns 186,322 shares of the pipeline company’s stock worth $23,995,000 after acquiring an additional 32,323 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Up 1.8 %

Targa Resources stock opened at $155.51 on Tuesday. The firm has a market cap of $34.48 billion, a price-to-earnings ratio of 32.00, a PEG 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 $155.78. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The firm has a 50 day moving average price of $141.42 and a two-hundred day moving average price of $125.95.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter last year, the firm earned $1.44 earnings per share. Equities analysts predict that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.93%. Targa Resources’s payout ratio is 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction that occurred on 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 directly owns 186,951 shares in the company, valued at $24,361,584.81. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction 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 completion of the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $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 worth $4,788,590 in the last 90 days. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Wells Fargo & Company increased their price target on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Truist Financial boosted their price objective on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Barclays increased their target price on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research report on Wednesday, July 3rd. Finally, UBS Group boosted their price target on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $141.77.

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.