Edge Capital Group LLC Acquires 2,602 Shares of Targa Resources Corp. (NYSE:TRGP)

Edge Capital Group LLC increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 1.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 156,647 shares of the pipeline company’s stock after purchasing an additional 2,602 shares during the period. Targa Resources accounts for 1.0% of Edge Capital Group LLC’s holdings, making the stock its 26th biggest holding. Edge Capital Group LLC owned about 0.07% of Targa Resources worth $20,173,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TRGP. UMB Bank n.a. grew its holdings in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new position in shares of Targa Resources in the 2nd quarter valued at $44,000. Register Financial Advisors LLC purchased a new position in Targa Resources in the 1st quarter worth $45,000. Rogco LP purchased a new stake in Targa Resources during the 1st quarter valued at about $56,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Targa Resources in the second quarter valued at about $69,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Targa Resources stock opened at $152.83 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 company’s fifty day moving average price is $141.00 and its 200 day moving average price is $125.44. The stock has a market capitalization of $33.89 billion, a P/E ratio of 31.45, a P/E/G ratio of 1.19 and a beta of 2.26. Targa Resources Corp. has a 1 year low of $77.97 and a 1 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, 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 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 of this dividend was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.96%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TRGP shares. The Goldman Sachs Group lifted their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Truist Financial upped their price target on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Wells Fargo & Company upped their target price on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $141.77.

Insider Buying and Selling

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

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.