Truist Financial Corp Purchases 34,630 Shares of Targa Resources, Inc. $TRGP

Truist Financial Corp lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 3.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 912,426 shares of the pipeline company’s stock after purchasing an additional 34,630 shares during the quarter. Truist Financial Corp’s holdings in Targa Resources were worth $152,868,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of TRGP. Woodline Partners LP boosted its stake in Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after buying an additional 5,327 shares in the last quarter. Focus Partners Wealth raised its stake in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after buying an additional 2,404 shares in the last quarter. Fort Washington Investment Advisors Inc. OH lifted its holdings in shares of Targa Resources by 158.4% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 17,899 shares of the pipeline company’s stock worth $3,116,000 after acquiring an additional 10,973 shares during the period. V Square Quantitative Management LLC lifted its holdings in shares of Targa Resources by 8.4% during the 2nd quarter. V Square Quantitative Management LLC now owns 4,099 shares of the pipeline company’s stock worth $714,000 after acquiring an additional 317 shares during the period. Finally, GC Wealth Management RIA LLC acquired a new stake in shares of Targa Resources during the 2nd quarter valued at about $254,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

NYSE:TRGP opened at $195.14 on Wednesday. The stock has a market capitalization of $41.89 billion, a P/E ratio of 25.95, a price-to-earnings-growth ratio of 0.82 and a beta of 0.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $211.87. The firm has a 50 day moving average of $180.78 and a 200-day moving average of $169.58.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a $1.00 dividend. The ex-dividend date is Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.0%. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares in the company, valued at approximately $3,812,557.19. This trade represents a 47.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. Wells Fargo & Company upped their price objective on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. BMO Capital Markets increased their target price on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Morgan Stanley raised their target price on Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $196.00 price target on shares of Targa Resources in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $213.14.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.