Trueblood Wealth Management LLC Purchases Shares of 1,362 Targa Resources Corp. (NYSE:TRGP)

Trueblood Wealth Management LLC acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,362 shares of the pipeline company’s stock, valued at approximately $202,000.

Several other large investors also recently made changes to their positions in the company. Zurich Insurance Group Ltd FI acquired a new stake in Targa Resources in the second quarter valued at approximately $72,345,000. American Century Companies Inc. grew its position in Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 buying an additional 271,444 shares during the last quarter. Finally, Blackstone Inc. lifted its stake in shares of Targa Resources by 2.7% in the first 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. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Truist Financial increased their price objective 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 upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Scotiabank raised their price objective on 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, Royal Bank of Canada increased their target price on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus price target of $152.79.

Insiders Place Their Bets

In other news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock worth $26,815,021 over the last quarter. 1.39% of the stock is currently owned by company insiders.

Targa Resources Trading Down 1.5 %

NYSE:TRGP opened at $165.96 on Friday. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $169.92. 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 firm’s 50 day moving average is $152.97 and its 200 day moving average is $133.90. The stock has a market capitalization of $36.36 billion, a PE ratio of 34.94, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last issued its earnings results 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 return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the company posted $1.44 earnings per share. Sell-side analysts expect that Targa Resources Corp. will post 5.92 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 63.16%.

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.