Czech National Bank Acquires 2,377 Shares of Targa Resources Corp. (NYSE:TRGP)

Czech National Bank lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 5.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,628 shares of the pipeline company’s stock after buying an additional 2,377 shares during the period. Czech National Bank’s holdings in Targa Resources were worth $6,605,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TRGP. Massmutual Trust Co. FSB ADV boosted its stake in shares of Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after buying an additional 83 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Targa Resources during the second quarter valued at approximately $1,992,000. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources during the second quarter valued at approximately $29,000. Cetera Investment Advisers raised its position in Targa Resources by 4.7% in the second quarter. Cetera Investment Advisers now owns 32,519 shares of the pipeline company’s stock worth $4,188,000 after acquiring an additional 1,467 shares during the period. Finally, Advisory Alpha LLC raised its position in Targa Resources by 8.4% in the second quarter. Advisory Alpha LLC now owns 2,950 shares of the pipeline company’s stock worth $380,000 after acquiring an additional 228 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Truist Financial upped their price objective on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Morgan Stanley upped 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. Scotiabank lifted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Royal Bank of Canada increased their target price on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Finally, Barclays lifted their price target on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus target price of $141.77.

Insider Transactions at Targa Resources

In related news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares of the company’s stock, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul W. Chung sold 916 shares of Targa Resources stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the transaction, the director now owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock valued at $26,815,021 in the last ninety days. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $158.02 on Friday. 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 market cap of $34.62 billion, a price-to-earnings ratio of 32.51, a P/E/G ratio of 1.21 and a beta of 2.25. The firm has a fifty day moving average price of $144.63 and a 200 day moving average price of $128.72. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $158.12.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter last year, the business posted $1.44 earnings per share. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

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.