Meeder Advisory Services Inc. Buys 1,057 Shares of Targa Resources Corp. (NYSE:TRGP)

Meeder Advisory Services Inc. boosted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 27.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,942 shares of the pipeline company’s stock after purchasing an additional 1,057 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Targa Resources were worth $636,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after buying an additional 201,817 shares during the last quarter. Blackstone Inc. lifted its position in shares of Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after buying an additional 252,729 shares in the last quarter. Norges Bank bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $187,123,000. Westwood Holdings Group Inc. increased its holdings in Targa Resources by 13.7% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,772,359 shares of the pipeline company’s stock worth $153,965,000 after acquiring an additional 213,070 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after purchasing an additional 360,675 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Up 1.0 %

NYSE TRGP opened at $148.19 on Friday. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $152.42. The firm has a market capitalization of $32.47 billion, a price-to-earnings ratio of 30.49, a PEG ratio of 1.16 and a beta of 2.26. 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 fifty day moving average of $139.13 and a two-hundred day moving average of $123.61.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter last year, the firm posted $1.44 earnings per share. On average, analysts predict that Targa Resources Corp. will post 5.89 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wells Fargo & Company raised their price objective 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. JPMorgan Chase & Co. lifted their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Truist Financial upped their price target on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Royal Bank of Canada upped their target price on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $140.54.

Insider Activity

In related news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Robert Muraro sold 9,900 shares of the company’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 value 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 approximately $24,361,584.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,534 shares of company stock worth $4,788,590. Company insiders own 1.39% of the company’s stock.

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.