Targa Resources Corp. (NYSE:TRGP) Shares Bought by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. raised its position in Targa Resources Corp. (NYSE:TRGP) by 2.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 8,595 shares of the pipeline company’s stock after purchasing an additional 237 shares during the period. First Trust Direct Indexing L.P.’s holdings in Targa Resources were worth $1,272,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Creekmur Asset Management LLC lifted its position in shares of Targa Resources by 332.6% in the third quarter. Creekmur Asset Management LLC now owns 6,269 shares of the pipeline company’s stock valued at $928,000 after acquiring an additional 4,820 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Targa Resources in the third quarter valued at $208,000. abrdn plc lifted its position in shares of Targa Resources by 6.9% in the third quarter. abrdn plc now owns 552,904 shares of the pipeline company’s stock valued at $81,299,000 after acquiring an additional 35,919 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Targa Resources by 2.3% in the third quarter. Nisa Investment Advisors LLC now owns 19,885 shares of the pipeline company’s stock valued at $2,943,000 after acquiring an additional 445 shares in the last quarter. Finally, Yeomans Consulting Group Inc. purchased a new stake in shares of Targa Resources in the third quarter valued at $407,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TRGP. Royal Bank of Canada upped their price objective on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their target price on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. The Goldman Sachs Group increased their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Truist Financial increased their target price on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Barclays increased their target price on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $152.79.

Insider Transactions at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Targa Resources news, Director Paul W. Chung sold 916 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares of the company’s stock, valued at $32,531,882.85. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $167.06 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 market capitalization of $36.60 billion, a price-to-earnings ratio of 35.17, a price-to-earnings-growth ratio of 1.29 and a beta of 2.25. 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’s fifty day moving average price is $154.81 and its 200 day moving average price is $135.32.

Targa Resources (NYSE:TRGP) last released its earnings results 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 the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter in the previous year, the firm earned $1.44 EPS. On average, research analysts forecast that Targa Resources Corp. will post 5.96 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

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.