Parallel Advisors LLC Purchases 428 Shares of Targa Resources Corp. (NYSE:TRGP)

Parallel Advisors LLC grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 12.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,988 shares of the pipeline company’s stock after buying an additional 428 shares during the quarter. Parallel Advisors LLC’s holdings in Targa Resources were worth $514,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Fifth Third Bancorp grew its stake in shares of Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after buying an additional 89 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of Targa Resources by 17.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after buying an additional 93 shares during the last quarter. Catalina Capital Group LLC grew its stake in shares of Targa Resources by 3.4% in the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after purchasing an additional 99 shares during the last quarter. Gulf International Bank UK Ltd grew its stake in shares of Targa Resources by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after purchasing an additional 100 shares during the last quarter. Finally, &PARTNERS grew its stake in shares of Targa Resources by 1.1% in the second quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after purchasing an additional 107 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other Targa Resources news, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul W. Chung sold 916 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the transaction, the director now directly owns 238,591 shares of the company’s stock, valued at $32,531,882.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,534 shares of company stock valued at $4,788,590. Corporate insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of several analyst reports. Barclays boosted their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Truist Financial boosted their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Finally, The Goldman Sachs Group boosted 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. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $140.54.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $152.00 on Wednesday. The firm’s 50-day moving average price is $139.88 and its 200-day moving average price is $124.54. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $152.42. The firm has a market capitalization of $33.70 billion, a P/E ratio of 31.28, a P/E/G ratio of 1.16 and a beta of 2.26. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last posted 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. 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 for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the business posted $1.44 EPS. Equities research analysts anticipate that Targa Resources Corp. will post 5.89 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 given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend 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.