Targa Resources Corp. (NYSE:TRGP) Shares Bought by Quarry LP

Quarry LP boosted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 77.7% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,253 shares of the pipeline company’s stock after purchasing an additional 548 shares during the period. Quarry LP’s holdings in Targa Resources were worth $161,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew 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 worth $3,025,521,000 after acquiring an additional 201,817 shares during the period. Caxton Associates LP purchased a new stake in Targa Resources in the 2nd quarter worth approximately $2,323,000. Price T Rowe Associates Inc. MD grew its stake in shares of Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after purchasing an additional 962,073 shares during the period. New Mexico Educational Retirement Board lifted its stake in shares of Targa Resources by 287.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after purchasing an additional 33,900 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Targa Resources by 160.3% in the 1st quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock valued at $32,486,000 after purchasing an additional 178,655 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Barclays lifted their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. Royal Bank of Canada upped their price target on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Tuesday, August 13th. Morgan Stanley increased their price target on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. The Goldman Sachs Group boosted their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Truist Financial increased their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Targa Resources has an average rating of “Buy” and an average price target of $141.77.

Targa Resources Price Performance

Targa Resources stock opened at $148.01 on Tuesday. The company has a fifty day simple moving average of $142.90 and a 200-day simple moving average of $127.55. The firm has a market capitalization of $32.43 billion, a price-to-earnings ratio of 30.45, 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. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $157.68.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company 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 company earned $1.44 EPS. On average, equities analysts anticipate that Targa Resources Corp. will post 5.88 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.03%. Targa Resources’s payout ratio is 61.73%.

Insiders Place Their Bets

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Robert Muraro sold 2,500 shares of the company’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 directly owns 174,451 shares in the company, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the sale, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,534 shares of company stock valued at $26,815,021. Insiders own 1.39% of the company’s stock.

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.