Targa Resources Corp. (NYSE:TRGP) Shares Bought by Huntington National Bank

Huntington National Bank lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 22.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 478 shares of the pipeline company’s stock after purchasing an additional 89 shares during the period. Huntington National Bank’s holdings in Targa Resources were worth $71,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Blackstone Inc. lifted its position in Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after buying an additional 252,729 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 worth $194,720,000 after acquiring an additional 360,675 shares during the period. Truist Financial Corp grew its holdings in shares of Targa Resources by 5.9% in the second 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 during the period. Finally, Principal Financial Group Inc. increased its position in Targa Resources by 2.9% during the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock worth $120,540,000 after purchasing an additional 22,621 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Targa Resources stock opened at $199.00 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $199.76. The firm has a market cap of $43.39 billion, a PE ratio of 35.99, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. The company’s 50 day moving average is $163.51 and its two-hundred day moving average is $141.15.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period last year, the firm earned $0.97 earnings per share. On average, research analysts expect that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is presently 54.25%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TRGP. Royal Bank of Canada increased their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company raised their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. UBS Group increased their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley lifted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $169.79.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is currently owned by corporate insiders.

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.