Vanguard Personalized Indexing Management LLC Grows Stock Position in Targa Resources Corp. (NYSE:TRGP)

Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 22.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 26,475 shares of the pipeline company’s stock after acquiring an additional 4,928 shares during the period. Vanguard Personalized Indexing Management LLC’s holdings in Targa Resources were worth $3,409,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of TRGP. Blackstone Inc. raised its stake in Targa Resources by 60.4% in the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after acquiring an additional 3,554,989 shares during the last quarter. Norges Bank acquired a new position in shares of Targa Resources in the fourth quarter valued at about $187,123,000. Price T Rowe Associates Inc. MD raised its stake in shares of 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 worth $119,712,000 after purchasing an additional 962,073 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Targa Resources by 71.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after purchasing an additional 428,276 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TRGP. Morgan Stanley raised their price target on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Truist Financial increased their price target on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada boosted their price objective on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. raised their target price on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $141.77.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $152.14 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 fifty day moving average of $140.64 and a 200 day moving average of $124.92. The firm has a market cap of $33.33 billion, a PE ratio of 31.30, a PEG ratio of 1.19 and a beta of 2.26. Targa Resources Corp. has a one year low of $77.97 and a one year high of $154.87.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS 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 analysts’ expectations 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 in the previous year, the company earned $1.44 earnings per share. As a group, research analysts predict that Targa Resources Corp. will post 5.89 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Insider Transactions at Targa Resources

In related news, insider Gerald R. Shrader sold 3,000 shares of the business’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 transaction of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the firm’s 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 transaction, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were 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 owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The disclosure for this sale can be found here. Insiders have sold 35,534 shares of company stock valued at $4,788,590 over the last ninety days. Insiders own 1.39% of the company’s stock.

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.