DT Investment Partners LLC Acquires Shares of 195 Targa Resources Corp. (NYSE:TRGP)

DT Investment Partners LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 195 shares of the pipeline company’s stock, valued at approximately $29,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in 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 buying an additional 201,817 shares during the last quarter. Blackstone Inc. boosted 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 worth $1,085,794,000 after acquiring an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of 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 purchasing an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Targa Resources by 26.2% in 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 during the last quarter. Finally, Truist Financial Corp lifted its holdings in Targa Resources by 5.9% in the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after purchasing an additional 46,864 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other 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 value of $408,180.00. Following the completion of the transaction, the insider now owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock worth $26,815,021 over the last three months. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $165.96 on Friday. The company’s 50 day simple moving average is $152.97 and its 200-day simple moving average is $133.90. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $169.92. The company has a market capitalization of $36.36 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (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 company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the previous year, the company earned $1.44 earnings per share. As a group, equities research analysts expect that Targa Resources Corp. will post 5.92 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 63.16%.

Analyst Ratings Changes

TRGP has been the subject of a number of research reports. The Goldman Sachs Group upped their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $152.79.

About Targa Resources

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.