Quarry LP Purchases 548 Shares of Targa Resources Corp. (NYSE:TRGP)

Quarry LP grew its position in Targa Resources Corp. (NYSE:TRGP) by 77.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,253 shares of the pipeline company’s stock after acquiring an additional 548 shares during the quarter. Quarry LP’s holdings in Targa Resources were worth $161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Fifth Third Bancorp boosted its holdings in shares of Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after purchasing an additional 89 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Targa Resources by 17.2% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 93 shares during the period. Catalina Capital Group LLC boosted its holdings in shares of Targa Resources by 3.4% in the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after purchasing an additional 99 shares during the period. Gulf International Bank UK Ltd boosted its holdings in shares of Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after purchasing an additional 100 shares during the period. Finally, &PARTNERS boosted its holdings in shares of Targa Resources by 1.1% in the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after purchasing an additional 107 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now directly 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 three months, insiders sold 175,534 shares of company stock valued at $26,815,021. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TRGP. 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, September 19th. Morgan Stanley boosted their price objective on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, June 10th. Scotiabank boosted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. UBS Group boosted their price objective on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Finally, Truist Financial boosted their price objective on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $141.77.

Targa Resources Price Performance

Shares of TRGP stock opened at $148.01 on Tuesday. Targa Resources Corp. has a twelve month low of $77.97 and a twelve month high of $157.68. The stock has a market capitalization of $32.43 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 1.16 and a beta of 2.26. The stock has a fifty day simple moving average of $142.90 and a two-hundred day simple moving average of $127.55. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the business earned $1.44 EPS. On average, analysts predict that Targa Resources Corp. will post 5.88 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

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.