Dorsey Wright & Associates Has $3.77 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Dorsey Wright & Associates lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 0.4% during the second quarter, HoldingsChannel.com reports. The firm owned 29,250 shares of the pipeline company’s stock after selling 103 shares during the quarter. Targa Resources makes up about 1.0% of Dorsey Wright & Associates’ holdings, making the stock its 29th biggest holding. Dorsey Wright & Associates’ holdings in Targa Resources were worth $3,767,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in TRGP. Gryphon Financial Partners LLC grew its position in shares of Targa Resources by 1.0% during the 4th quarter. Gryphon Financial Partners LLC now owns 64,245 shares of the pipeline company’s stock worth $5,557,000 after purchasing an additional 645 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Targa Resources by 47.6% during the 4th quarter. US Bancorp DE now owns 19,810 shares of the pipeline company’s stock worth $1,721,000 after acquiring an additional 6,390 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in shares of Targa Resources by 48.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,689 shares of the pipeline company’s stock worth $581,000 after acquiring an additional 2,171 shares during the period. TD Asset Management Inc lifted its holdings in shares of Targa Resources by 11.2% during the 4th quarter. TD Asset Management Inc now owns 82,113 shares of the pipeline company’s stock worth $7,133,000 after acquiring an additional 8,270 shares during the period. Finally, Stifel Financial Corp lifted its holdings in shares of Targa Resources by 22.8% during the 4th quarter. Stifel Financial Corp now owns 151,513 shares of the pipeline company’s stock worth $13,162,000 after acquiring an additional 28,177 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Trading Up 0.3 %

Shares of NYSE TRGP opened at $146.80 on Friday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $157.68. The firm has a 50 day moving average price of $142.49 and a two-hundred day moving average price of $126.66. The stock has a market cap of $32.16 billion, a P/E ratio of 30.21, a price-to-earnings-growth ratio of 1.24 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the prior year, the company posted $1.44 earnings per share. As a group, equities analysts forecast that Targa Resources Corp. will post 5.88 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

Insiders Place Their Bets

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the firm’s 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 directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,534 shares of company stock worth $26,815,021. 1.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Royal Bank of Canada upped their price target on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Truist Financial upped their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Scotiabank increased their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $141.77.

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.