15,248 Shares in Targa Resources Corp. (NYSE:TRGP) Bought by Bridges Investment Management Inc.

Bridges Investment Management Inc. bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 15,248 shares of the pipeline company’s stock, valued at approximately $1,964,000.

A number of other hedge funds have also recently bought and sold shares of TRGP. Blackstone Inc. grew its holdings in shares of Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after purchasing an additional 3,554,989 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 231.3% during 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 buying an additional 962,073 shares in the last quarter. American Century Companies Inc. increased its holdings in Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after buying an additional 557,832 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Targa Resources by 71.8% in the 1st 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 in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Targa Resources by 876.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 428,107 shares of the pipeline company’s stock worth $47,944,000 after acquiring an additional 384,248 shares during the period. 92.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TRGP has been the subject of several recent research reports. Scotiabank increased their price target on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. UBS Group increased their target price on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. The Goldman Sachs Group boosted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday. Truist Financial increased 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. Finally, Morgan Stanley boosted their target price on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. One 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 company. Based on data from 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 TRGP stock opened at $152.86 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The firm has a market capitalization of $33.89 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 1.19 and a beta of 2.26. The firm’s 50 day moving average is $141.00 and its 200-day moving average is $125.28. Targa Resources Corp. has a 1 year low of $77.97 and a 1 year high of $154.87.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the company earned $1.44 EPS. Sell-side analysts forecast that Targa Resources Corp. will post 5.89 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.96%. Targa Resources’s payout ratio is presently 61.73%.

Insider Activity

In related news, insider Robert Muraro sold 9,900 shares of the business’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 transaction 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 this link. In related news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,534 shares of company stock valued at $4,788,590. 1.39% of the stock is currently owned by insiders.

About Targa Resources

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.