Blue Trust Inc. Grows Holdings in Targa Resources Corp. (NYSE:TRGP)

Blue Trust Inc. grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 75.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,611 shares of the pipeline company’s stock after buying an additional 1,120 shares during the quarter. Blue Trust Inc.’s holdings in Targa Resources were worth $386,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the second quarter worth approximately $29,000. UMB Bank n.a. lifted its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $44,000. Register Financial Advisors LLC purchased a new stake in shares of Targa Resources in the 1st quarter valued at $45,000. Finally, Rogco LP bought a new position in shares of Targa Resources during the 1st quarter valued at $56,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now owns 238,591 shares in the company, valued at $32,531,882.85. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock worth $26,815,021 over the last ninety days. 1.39% of the stock is owned by corporate insiders.

Targa Resources Stock Up 0.4 %

Shares of Targa Resources stock opened at $165.83 on Thursday. The company’s fifty day simple moving average is $151.99 and its two-hundred day simple moving average is $133.31. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $167.79. 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 company has a market cap of $36.77 billion, a P/E ratio of 34.12, a PEG ratio of 1.27 and a beta of 2.25.

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 analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the prior year, the firm earned $1.44 earnings per share. Research analysts anticipate that Targa Resources Corp. will post 6 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is presently 61.73%.

Wall Street Analyst Weigh In

Several analysts have weighed in on TRGP shares. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Barclays boosted their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Wells Fargo & Company raised their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Truist Financial boosted their price objective on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, The Goldman Sachs Group raised 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. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $148.36.

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.