Targa Resources, Inc. $TRGP Holdings Lowered by Wellington Management Group LLP

Wellington Management Group LLP decreased its stake in Targa Resources, Inc. (NYSE:TRGP) by 5.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,176,394 shares of the pipeline company’s stock after selling 867,067 shares during the quarter. Targa Resources accounts for about 0.7% of Wellington Management Group LLP’s investment portfolio, making the stock its 22nd largest holding. Wellington Management Group LLP owned 6.61% of Targa Resources worth $3,801,258,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Hardy Reed LLC lifted its stake in Targa Resources by 1.0% during the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after buying an additional 41 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Targa Resources by 4.1% in the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock worth $307,000 after buying an additional 45 shares during the period. Hantz Financial Services Inc. increased its position in shares of Targa Resources by 10.5% in the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after acquiring an additional 50 shares in the last quarter. River Wealth Advisors LLC increased its position in shares of Targa Resources by 0.3% in the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock worth $5,217,000 after acquiring an additional 50 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Targa Resources by 0.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after acquiring an additional 51 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Barclays boosted their target price on shares of Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Scotiabank raised their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Finally, Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $298.71.

Targa Resources Stock Performance

TRGP stock opened at $288.38 on Friday. The firm has a 50 day simple moving average of $275.05 and a 200 day simple moving average of $257.11. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The stock has a market cap of $61.84 billion, a P/E ratio of 27.57, a P/E/G ratio of 1.38 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Research analysts anticipate that Targa Resources, Inc. will post 11.2 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s payout ratio is currently 47.80%.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company’s stock.

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.