Targa Resources Corp. (NYSE:TRGP) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 0.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,160,608 shares of the pipeline company’s stock after purchasing an additional 150,038 shares during the quarter. Vanguard Group Inc. owned 12.46% of Targa Resources worth $4,848,169,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TRGP. Raymond James Financial Inc. purchased a new stake in shares of Targa Resources in the fourth quarter valued at approximately $150,372,000. Wellington Management Group LLP raised its position in Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares during the period. Amundi increased its stake in shares of Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after purchasing an additional 318,261 shares in the last quarter. National Bank of Canada FI raised its position in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after purchasing an additional 259,776 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in Targa Resources by 40.0% in the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock valued at $158,957,000 after buying an additional 254,286 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TRGP shares. Royal Bank of Canada increased their target price on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Citigroup increased their price objective on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Barclays lifted their target price on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial raised their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Finally, US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of “Buy” and an average price target of $211.00.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 in the last ninety days. Insiders own 1.39% of the company’s stock.

Targa Resources Trading Up 3.9 %

TRGP opened at $205.01 on Tuesday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a market capitalization of $44.71 billion, a price-to-earnings ratio of 35.72, a PEG ratio of 0.61 and a beta of 2.32. The business has a fifty day moving average price of $199.93 and a 200 day moving average price of $183.75. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Sell-side analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

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.