Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Sunbelt Securities Inc.

Sunbelt Securities Inc. boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 166.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,650 shares of the pipeline company’s stock after acquiring an additional 1,030 shares during the quarter. Sunbelt Securities Inc.’s holdings in Targa Resources were worth $212,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Targa Resources by 0.8% in the 1st 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 bought a new position in Targa Resources during the 2nd quarter valued at $2,323,000. Price T Rowe Associates Inc. MD increased its position 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 valued at $119,712,000 after purchasing an additional 962,073 shares during the period. New Mexico Educational Retirement Board raised 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 worth $5,118,000 after buying an additional 33,900 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock valued at $32,486,000 after buying an additional 178,655 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 1.8 %

TRGP stock opened at $153.24 on Thursday. The company has a 50 day moving average of $143.63 and a two-hundred day moving average of $128.04. The company has a market cap of $33.57 billion, a price-to-earnings ratio of 31.53, a PEG ratio of 1.16 and a beta of 2.26. Targa Resources Corp. has a 12-month low of $77.97 and a 12-month high of $157.68. 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 (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, topping 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 business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the company earned $1.44 earnings per share. On average, equities analysts anticipate that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.96%. Targa Resources’s dividend payout ratio is 61.73%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research reports. Scotiabank boosted their price target 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. JPMorgan Chase & Co. increased their target price 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. Royal Bank of Canada raised their target price 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. Wells Fargo & Company upped their price target on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Finally, Truist Financial raised 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. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $141.77.

Insider Activity at Targa Resources

In related news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is owned by corporate insiders.

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.