Massachusetts Financial Services Co. MA Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

Massachusetts Financial Services Co. MA lowered its position in Targa Resources Corp. (NYSE:TRGP) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,123,546 shares of the pipeline company’s stock after selling 21,300 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Targa Resources were worth $273,470,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of TRGP. Blackstone Inc. raised its position in Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares during the last quarter. Norges Bank acquired a new stake in shares of Targa Resources in the 4th quarter valued at approximately $187,123,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after buying an additional 962,073 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Targa Resources by 71.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after purchasing an additional 428,276 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TRGP. JPMorgan Chase & Co. upped their price target on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Truist Financial lifted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Wells Fargo & Company increased their price target 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. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Barclays increased their target price on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. One equities research 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $140.54.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Paul W. Chung sold 916 shares of Targa Resources stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now directly owns 238,591 shares in the company, valued at approximately $32,531,882.85. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The disclosure for this sale can be found here. In 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 0.9 %

Shares of Targa Resources stock opened at $152.00 on Wednesday. Targa Resources Corp. has a twelve month low of $77.97 and a twelve month high of $152.42. The stock has a market cap of $33.70 billion, a price-to-earnings ratio of 31.28, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. 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 fifty day moving average price of $139.88 and a 200 day moving average price of $124.54.

Targa Resources (NYSE:TRGP) last released its quarterly 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. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the prior year, the business earned $1.44 EPS. Equities research analysts forecast that Targa Resources Corp. will post 5.89 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.97%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

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.