Targa Resources Corp. (NYSE:TRGP) Shares Sold by Virtu Financial LLC

Virtu Financial LLC lessened its position in shares of Targa Resources Corp. (NYSE:TRGP) by 41.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,059 shares of the pipeline company’s stock after selling 4,219 shares during the quarter. Virtu Financial LLC’s holdings in Targa Resources were worth $780,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TRGP. Dimensional Fund Advisors LP grew its position in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares during the period. Brown Brothers Harriman & Co. grew its stake in Targa Resources by 28.9% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 848 shares of the pipeline company’s stock valued at $109,000 after acquiring an additional 190 shares during the period. Envestnet Asset Management Inc. increased its holdings in Targa Resources by 4.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 454,303 shares of the pipeline company’s stock worth $58,505,000 after acquiring an additional 18,249 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Targa Resources by 1.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 14,055 shares of the pipeline company’s stock worth $1,810,000 after acquiring an additional 262 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in Targa Resources by 12.0% during the second quarter. Parallel Advisors LLC now owns 3,988 shares of the pipeline company’s stock valued at $514,000 after purchasing an additional 428 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $152.14 on Friday. The company’s 50-day moving average is $140.64 and its two-hundred day moving average is $124.92. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $154.87. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The firm has a market capitalization of $33.33 billion, a price-to-earnings ratio of 31.30, a PEG ratio of 1.19 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data 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 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 analysts’ expectations of $4.33 billion. During the same period in the prior year, the firm posted $1.44 earnings per share. Analysts forecast that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Announces Dividend

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

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated 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 sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction 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 completion of 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 document filed with the SEC, which is available at this link. Also, Director Paul W. Chung sold 5,264 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $138.03, for a total value of $726,589.92. Following the completion of the sale, the director now owns 232,827 shares in the company, valued at approximately $32,137,110.81. The disclosure for this sale can be found here. Insiders have sold 35,534 shares of company stock valued at $4,788,590 over the last 90 days. 1.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TRGP shares. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. UBS Group increased their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Truist Financial lifted their price target on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Barclays upped their target price on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a report on Wednesday, July 3rd. One investment 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 data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $141.77.

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.