Targa Resources Corp. (NYSE:TRGP) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 0.1% during the 2nd quarter, Holdings Channel reports. The firm owned 850,472 shares of the pipeline company’s stock after selling 464 shares during the period. Hsbc Holdings PLC’s holdings in Targa Resources were worth $110,099,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position 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 worth $3,025,521,000 after acquiring an additional 201,817 shares during the last quarter. Blackstone Inc. boosted its position in Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after acquiring an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares during the last quarter. Norges Bank acquired a new stake in Targa Resources during the fourth quarter worth approximately $187,123,000. Finally, Westwood Holdings Group Inc. boosted its position in Targa Resources by 13.7% during the fourth 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 during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TRGP shares. Scotiabank raised their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Morgan Stanley increased their price target on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Wells Fargo & Company increased their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Royal Bank of Canada increased their price target on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Finally, UBS Group increased their price target on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. One research 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. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $140.54.

Targa Resources Stock Performance

Shares of TRGP stock opened at $152.19 on Thursday. The company’s fifty day simple moving average is $140.27 and its 200-day simple moving average is $124.73. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $154.24. 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 $33.34 billion, a PE ratio of 31.31, a P/E/G ratio of 1.19 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating 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 business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter last year, the firm posted $1.44 EPS. As a group, equities research analysts anticipate that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Dividend Announcement

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

Insider Buying and Selling

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

Targa Resources Company 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.