Profund Advisors LLC Buys 938 Shares of Targa Resources Corp. (NYSE:TRGP)

Profund Advisors LLC increased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 8.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,982 shares of the pipeline company’s stock after acquiring an additional 938 shares during the quarter. Profund Advisors LLC’s holdings in Targa Resources were worth $1,543,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Summit Trail Advisors LLC boosted its position in shares of Targa Resources by 36.3% during the 2nd quarter. Summit Trail Advisors LLC now owns 3,646 shares of the pipeline company’s stock worth $470,000 after purchasing an additional 971 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Targa Resources by 2.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock worth $1,202,000 after buying an additional 245 shares during the period. Sei Investments Co. boosted its holdings in Targa Resources by 21.0% in the second quarter. Sei Investments Co. now owns 186,322 shares of the pipeline company’s stock worth $23,995,000 after acquiring an additional 32,323 shares in the last quarter. Bridges Investment Management Inc. acquired a new stake in Targa Resources in the second quarter valued at approximately $1,964,000. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Targa Resources by 145.6% during the second quarter. Canada Pension Plan Investment Board now owns 128,200 shares of the pipeline company’s stock valued at $16,510,000 after acquiring an additional 76,000 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TRGP. Wells Fargo & Company lifted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Barclays lifted their price objective 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. The Goldman Sachs Group upped their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Truist Financial raised their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, UBS Group upped their price target on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. One 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, the company has a consensus rating of “Buy” and an average price target of $141.77.

Targa Resources Trading Up 1.8 %

NYSE:TRGP opened at $155.51 on Tuesday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. Targa Resources Corp. has a 1 year low of $77.97 and a 1 year high of $155.78. The company has a market cap of $34.48 billion, a P/E ratio of 32.00, a P/E/G ratio of 1.19 and a beta of 2.26. The stock’s fifty day moving average price is $141.42 and its two-hundred day moving average price is $125.95.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the previous year, the firm posted $1.44 EPS. As a group, analysts expect that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.93%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,534 shares of company stock valued at $4,788,590. 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.