Targa Resources Corp. (NYSE:TRGP) Shares Sold by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc reduced its position in Targa Resources Corp. (NYSE:TRGP) by 12.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 98,989 shares of the pipeline company’s stock after selling 13,975 shares during the period. Ensign Peak Advisors Inc’s holdings in Targa Resources were worth $12,748,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of TRGP. Gryphon Financial Partners LLC grew its position in shares of Targa Resources by 1.0% in the fourth quarter. Gryphon Financial Partners LLC now owns 64,245 shares of the pipeline company’s stock valued at $5,557,000 after purchasing an additional 645 shares during the period. Brown Advisory Inc. increased its stake in shares of Targa Resources by 20.2% during the 4th quarter. Brown Advisory Inc. now owns 4,066 shares of the pipeline company’s stock valued at $353,000 after acquiring an additional 684 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Targa Resources by 13.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock worth $1,512,000 after acquiring an additional 2,090 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Targa Resources by 7.7% during the 4th quarter. Wells Fargo & Company MN now owns 252,689 shares of the pipeline company’s stock worth $21,951,000 after acquiring an additional 18,152 shares during the period. Finally, Corient Private Wealth LLC boosted its position in shares of Targa Resources by 22.8% in the fourth quarter. Corient Private Wealth LLC now owns 32,431 shares of the pipeline company’s stock worth $2,817,000 after acquiring an additional 6,026 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TRGP. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Barclays upped their price objective on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a report on Wednesday, July 3rd. UBS Group lifted their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. The Goldman Sachs Group upped their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Finally, Scotiabank lifted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $141.77.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources 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 sale, the insider now directly owns 186,951 shares in the company, valued at approximately $24,361,584.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other 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 transaction of $1,290,069.00. Following the completion of the sale, the insider now owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul W. Chung sold 5,264 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $138.03, for a total transaction of $726,589.92. Following the completion of the sale, the director now directly owns 232,827 shares in the company, valued at $32,137,110.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,534 shares of company stock valued at $4,788,590. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Up 1.8 %

Shares of NYSE:TRGP opened at $155.51 on Tuesday. The company has a 50 day moving average of $141.42 and a two-hundred day moving average of $125.95. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $155.78. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The company has a market capitalization of $34.48 billion, a price-to-earnings ratio of 32.00, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion for 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 quarter in the previous year, the firm posted $1.44 EPS. As a group, analysts forecast that Targa Resources Corp. will post 5.89 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

Targa Resources Company 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.